TCR_Public/110322.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Tuesday, March 22, 2011, Vol. 15, No. 80

                            Headlines

ACCENT WINDOWS: Seeks to Sell Assets to Largest Creditor in Ch.11
ADELPHIA COMMS: $42MM Accord Over Grid Interest Claims Okayed
ADVANCED SOLUTIONS: Files For Chapter 7 Bankruptcy Protection
AE BIOFUELS: Unit Secures Add'l $3.5MM Funding From Third Eye
AHERN RENTAL: Moody's Downgrades Default Rating to 'Ca/LD'

ALAN COTTRILL: Files For Chapter 7 Bankruptcy Protection
ALON USA: S&P Affirms Corporate Credit Ratings at 'B'
AMBAC FINANCIAL: Proposes Claims Objection Procedures
AMBAC FINANCIAL: Proposes to Hire Cornerstone Research
AMBAC FINANCIAL: Officers Disclose Equity Stake

AMERICAN PACIFIC: Disclosure Statement Hearing Moved to April 18
ANGIOTECH PHARMACEUTICALS: Posts $66.8 Million Net Loss in 2010
APPLESEED'S INTERMEDIATE: U.S. Trustee Amends Creditors Committee
AVAYA INC: Bank Debt Trades at 5% Off in Secondary Market
BANKS HOLDING: Case Summary & 13 Largest Unsecured Creditors

BARNES BAY: Organizational Meeting to Form Panel on March 31
BATAA/KIERLAND: Files List of 9 Largest Unsecured Creditors
BATAA/KIERLAND: Taps Polsinelli Shughart as Bankruptcy Counsel
BATAA/KIERLAND: Wants to Use JPMCC 2007-CIBC's Cash Collateral
BEACON POWER: Recurring Losses Cue Going Concern Doubt

BELDEN INC: S&P Raises Corporate Credit Rating to 'BB'
BELFOR HOLDINGS: Moody's Assigns 'Ba3' Corporate Family Rating
BERNARD L MADOFF: Trustee Sues Austrian Consultant for $1.1-Mil.
BERNARD L MADOFF: Trustee Files Amended Complaint Against Sterling
BION ENVIRONMENTAL: Expects to Complete Farm Project by March 31

BLOCKBUSTER INC: Seeks Extension of Exclusivity Period
BLOCKBUSTER INC: Court Approves Asset Sale for $290 Million
BLUEKNIGHT ENERGY: Incurs $23.79 Million Net Loss in 2010
BORDERS GROUP: Wins Final Nod to Continue Insurance Programs
BORDERS GROUP: Wins Final Nod to Pay Prepetition Taxes

BORDERS GROUP: Has Okay to Pay Prepetition Vendor Obligations
BORDERS GROUP: Lease Decision Period Extended Until Sept. 14
BORDERS GROUP: Wins Approval to Hire Kasowitz as Bankr. Counsel
BORDERS GROUP: Court OKs Hiring of Ordinary Course Professionals
BORDERS GROUP: AP Services' Holly Etlin Now Sr. VP

BORDERS GROUP: Gets Go-Signal to Tap Dickinson as Special Counsel
BOSQUE POWER: Wants Case of Non-Reorganizing Debtors Dismissed
BROWN PUBLISHING: Former Executives Seek to $2.9MM in Back Pay
CAPITAL HOME: Wins Interim Authority to Use MB Cash Collateral
CAPITAL HOMES: Court Approves Baldi Berg as Attorney

CAPITAL SHORES: Bankruptcy Filing Blocks Bank's Foreclosure Action
CAPMARK FINANCIAL: Court OKs Sale of Non-Loan Assets
CARPENTER CONTRACTORS: U.S. Trustee Won't Form Creditors Panel
CATALYST PAPER: Posts C$398.2 Million Net Loss in 2010
CB HOLDING: Auction on Charlie Brown's Outlets Set for April 6

CCM MERGER: S&P Assigns 'B+' Rating on $635 Mil. Credit Loan
CCS CORP: Bank Debt Trades at 6% Off in Secondary Market
CHINA TEL GROUP: Inks $9.57MM Equipment Contract With ZTE
CHRISTOPHER TIGANI: Files for Chapter 11 to Halt Sheriff Sale
CLAIRE'S STORES: Bank Debt Trades at 5% Off in Secondary Market

CLAUDIO OSORIO: Files for Chapter 11 Bankruptcy in Miami
CLEAR CHANNEL: Bank Debt Trades at 13% Off in Secondary Market
CMB III: Hearing on Case Dismissal Continued to March 28
COMMONWEALTH BIOTECH: Board Removes William Guo as Chairman
CONCORDIA LUTHERAN: Files Plan of Reorganization

CONNECTOR 2000: Chapter 9 Plan Confirmation Hearing on Friday
CONFORCE INT'L: Raises $7.5MM From Common Shares Offering
COUDERT BROTHERS: Settles SenoRx's $25MM Malpractice Claim
CRESCENT RESOURCES: Bank Debt Trades at 8% Off in Secondary Market
CROWN FOREX: Oxford, SEC Sign Consent Deal in Forex Fraud Fight

CYBERCO HOLDINGS: Court Orders Bank to Return Up to $73 Million
DAVITA INC: S&P Affirms 'BB-' Corporate Credit Rating
DEX MEDIA EAST: Bank Debt Trades at 24% Off in Secondary Market
DEX MEDIA WEST: Bank Debt Trades at 13% Off in Secondary Market
DJSP ENTERPRISES: Raj Gupta Ceases to Hold 5% Equity Ownership

DJSP ENTERPRISES: Jeffrey Valenty Does Not Own Common Shares
E*TRADE FINANCIAL: S&P Raises Counterparty Credit Rating to 'B-'
ECOSPHERE TECHNOLOGIES: Incurs $22.65 Million Net Loss in 2010
EL MATADOR: Fails in Bid to Subordinate Labor Dept. Claim
ELEPHANT TALK: Files Slideshow for Potential Investors

EPIC ENERGY: Files for Chapter 11 Protection in Colorado
EQUITABLE LIFE: A.M. Best Cuts Financial Strength Rating to 'B'
FAIRPOINT COMMS: Court Rules Against Wrongful Termination Claim
FIDELITY PROPERTIES: Wants to Sell Warming Acres Lot for $33.5T
FIRST FEDERAL: Incurs $4.03 Million Net Loss in 2010

FISHER ISLAND: Involuntary Chapter 11 Case Summary
FONTAINEBLEAU LV: Las Vegas Project to Remain Stalled
FONTAINEBLEAU LV: $31.96MM in Claims Change Hands in December
FORUM HEALTH: Creditors Barred From Recouping $12MM in Donations
FRENCH BROAD: Obtains Court Nod to Sell N.C. Property for $680,000

FULTON FISH: Files For Chapter 11 Bankruptcy Protection
GLC LIMITED: Wants to Get Bank Records From James Donnan
GREAT ATLANTIC: Gets Shorter Exclusivity Extension; Until Aug. 31
GRUBB & ELLIS: Hires JMP Securities as Strategic Advisor
GULF & SOUTHERN: Files for Chapter 7 Bankruptcy Protection

HACIENDA GARDENS: Plan Outline Hearing Scheduled for April 21
HEADGEAR INC: Seeks to Sell Assets; Gets $3 Million Offer
HERCULES OFFSHORE: Bank Debt Trades at 3% Off in Secondary Market
HERITAGE HIGHGATE: Cornerstone Investors' Claims Valued at Zero
HERON LAKE: Reports $1.7 Million Net Income in Jan. 31 Quarter

HGI HOLDING: S&P Affirms Corporate Credit Rating at 'B'
HUGHES TELEMATICS: Incurs $89.56 Million Net Loss in 2010
HANMI FINANCIAL: Incurs $88.01 Million Net Loss in 2010
HAWKER BEECHCRAFT: Bank Debt Trades at 12% Off in Secondary Market
I-10 BARKER: First Amended Plan Confirmed by Texas Court

INOVA TECHNOLOGY: Expects to File Form 10-Q Report Today
INTEGRA BANK: Crowe Horwath Raises Going Concern Doubt
ISTAR FINANCIAL: S&P Raises Counterparty Credit Rating to 'B+'
IVANHOE ENERGY: Deloitte & Touche Raises Going Concern Doubt
JAVO BEVERAGE: Plan Confirmation Hearing on April 28

JOHN SIPES: Files For Chapter 7 Bankruptcy Protection
JOSEPH-BETH: Hearing Tomorrow to Consider Exclusivity Extension
K-V PHARMACEUTICAL: To Sell $225 Million Sr. Secured Notes
LACK'S STORES: Sells Four Texas Properties for $5.7 Million
LAS VEGAS GAMING: Files for Chapter 7 Bankruptcy in Nevada

LEGACY AT JORDAN: Cash Collateral Hearing Continued to April 18
LEHMAN BROTHERS: More Than $3BB in Claims Changed Hands in Feb.
LEHMAN BROTHERS: Issues Subpoenas to Deutsche Bank
LEHMAN BROTHERS: Swedbank Books $204.5-Mil. Gain From Settlement
LEHMAN BROTHERS: Taps Milbank to Review Tax Overcharges

LEHMAN BROTHERS: Taps Locke Lord for Suit vs. Mortgage Lenders
LEHMAN BROTHERS: Taps Latham to Pursue Claims vs. Aegis
LEHMAN BROTHERS: Wins OK to Hire Foster Graham as Counsel
LEHMAN BROTHERS: Fee Committee Proposes Godfrey as Counsel
LEHMAN BROTHERS: Merrill Lynch Wants Stay Relief

LEHMAN BROTHERS: District Court Dismisses Kuntz Appeal
LEHR CONSTRUCTION: Chairman to Provide $1-Mil. DIP Loan
LEHR CONSTRUCTION: Taps Cooley LLP as Attorney
LEHR CONSTRUCTION: US Trustee Forms Five-Member Creditor's Panel
LEXARIA CORP: Chang Lee Raises Going Concern Doubt

LIFE INSURANCE: A.M. Best Upgrades Issuer Credit Rating to 'bb+'
LITTLE REST: Involuntary Chapter 11 Case Summary
LONE TREE: Has Until June 21 to File Chapter 11 Plan
LYONDELL CHEMICAL: Unit Settles $74MM Akzo Claim Over Glidden Sale
MAGIC BRANDS: Files Amended Chapter 11 Liquidation Plan

MAJESTIC CAPITAL: Mulls Bankruptcy After Merger Deal Collapsed
MATERA RIDGE: Hearing on Case Dismissal Continued to April 20
MEDICAL ALARM: Incurs $493,420 Net Loss in Dec. 31 Quarter
MERIT LIFE: A.M. Best Cuts Financial Strength Rating to 'B'
MICROBILT CORPORATION: Voluntary Chapter 11 Case Summary

MILLENNIUM MULTIPLE: Has OK to Assume Life Insurance Policies
MONROE BEACHY: Court Tosses Out Case Dismissal Request
MUNCE'S SUPERIOR: High Oil Prices Cue Chapter 11 Bankruptcy Filing
MUTUAL BENEFITS: Involuntary Chapter 11 Case Summary
NEW JERSEY MOTORSPORTS: Has Green Light to Pay Critical Vendors

NORTHERN 120: Plan Confirmation Hearing Continued to April 19
NOVELOS THERAPEUTICS: Terminates Nyberg as Compliance Officer
OLDE POINT: Foreclosure Bid Continued; Funigiello Stays
OMAHA STANDING: Court Rejects REW's Construction Lien on Asset
ON SEMICONDUCTOR: Shutdown Won't Affect Moody's 'Ba1' Rating

ORANGE GROVE: Court Denies Disclosure Statement
ORANGE GROVE: Sale of Wireless Communication Site Easement Denied
P&C POULTRY: Can Access East West Bank's Collateral Until May 13
PENTON MEDIA: Acquires EyeTraffic Media Assets
PETROFLOW ENERGY: Proceedings Involving Equal Energy Stayed

PHILADELPHIA ORCHESTRA: Musicians Agree to Delay Pay Increase
PILOT TRAVEL: Moody's Affirms 'Ba2' Corporate Family Rating
PLATINUM RIDGE: 3 Affiliates File for Chapter 11 Protection
PRES-LAHAINA: Court Dismisses Chapter 11 Bankruptcy Cases
PRM DEVELOPMENT: Seeks May 1 Extension of Solicitation Deadline

QUARRY POND: Court Converts Case to Chapter 7 Proceeding
REALOGY CORP: 2016 Bank Debt Trades at 6% Off in Secondary Market
REALOGY CORP: 2013 Bank Debt Trades at 6% Off in Secondary Market
RICHARD EMERSON: Former Priest Files for Chapter 7 Bankruptcy
ROBERT WAYNE HARVEY: Court Sends Suit v. Miller, UHS to Jury Trial

ROTECH HEALTHCARE: S&P Raises Corporate Credit Rating to 'B'
SABRE DEFENCE: Sells Assets to Manroy USA for $5 Million
ST. JOSEPH MEDICAL: IASIS to Buy 78.2% Stake
SARAH G'S: Files for Chapter 11 Bankruptcy in Orlando
SEITEL INC: Posts $63.4 Million Net Loss for 2010

SHILO INN: Court Approves Levene Nea as Bankruptcy Counsel
SHOPPES OF LAKESIDE: Bank Wants Chapter 11 Case Dismissed
SHUBH HOTELS: Unsecureds Raise Concern on Revised Plan
SLL ENTERTAIMENT: Files for Chapter 7 Bankruptcy
SMART-TEK SOLUTIONS: Plans to Hold Stockholders Meeting on July 1

SONYA TREMONT: Court to Consider Motion to Dismiss Today
SOUNDSTAGE LIVE: Files for Chapter 7 Bankruptcy
SOUTH LOUISIANA ETHANOL: CRGTWO Gets $31,209 Admin. Expense Claim
SOUTH PADRE: Sec. 341 Creditors' Meeting Rescheduled for April 15
SPECIALTY PRODUCTS: Saffolds Want Stay Lifted as to Bondex Int'l

SPITZER INDUSTRIES: Moody's Affirms 'B2' Rating on $85 Mil. Loan
STEVE NOLAN: Files For Chapter 7 Bankruptcy Protection
STRASBURG-JARVIS: Wants to Close Five Stores
SUFFOLK REGIONAL: Voluntary Chapter 11 Case Summary
SUN CONTROL: U.S. Trustee Unable to Form Creditors Committee

SUPERIOR ACQUISITIONS: Stay Lifted as to "Churn Creek" Property
SUPERIOR ACQUISITIONS: Stay Lifted as to "Willow Point" Property
TERYL RESOURCES: Posts C$158,500 Net Loss in Nov. 30 Quarter
TOUSA INC: Court Grants in Part Zurich Motion for Stay Relief
TOUSA INC: Given Until April 4 to Respond to Copper Creek Motion

UNIGENE LABORATORIES: Posts $27.86MM Net Loss in 2010
UNITED CONTINENTAL: Legg Mason Equity Stake Down to 0%
UNITED CONTINENTAL: Reports January 2011 Traffic Results
UNITED CONTINENTAL: Reports February 2011 Traffic Results
UTILITY LINE: Files for Chapter 11 Amid Contract Issue

VITRO SAB: Terminates Registration of American Depositary Shares
VULCAN MATERIALS: S&P Cuts Corporate Credit Rating to 'BB'
WALTER WILLIAMS: District Court Reverses Plan Confirmation Order
WATERFRONT COMMONS: Loan Default Cues Chapter 11 Bankruptcy Filing
WEST END: Organizational Meeting to Form Panel on March 24

WJO INC: Court Extends Time to Decide on Real Property Leases
YRC WORLDWIDE: Moody's Downgrades Corporate Family Rating to 'Ca'

* Companies File for Chapter 7 in Central Florida
* 17 McKool Attorneys Selected in Super Lawyers 2011 Texas Rising
* Bennett Cunningham Catches Arizona Law Firm Red-Handed
* Delinquency Rate and Foreclosure Inventories Drop in February

* Frank Zarb Joins Proskauer's Washington Office
* Philip C. Berg Joins Otterbourg Steindler

* Large Companies With Insolvent Balance Sheets



                            *********




ACCENT WINDOWS: Seeks to Sell Assets to Largest Creditor in Ch.11
-----------------------------------------------------------------
Heather Draper at the Denver Business Journal reports that Accent
Windows Inc. has filed for Chapter 11 bankruptcy protection anew,
this time hoping to sell its assets to its largest creditor, P.H.
Tech Corp. of Montreal, Quebec.

P.H. Tech Corp. manufactures PVC (polyvinyl chloride) parts used
in making windows and doors.  Accent owes P.H. Tech $776,721.

"We're excited about the prospect of quickly implementing the sale
through the Chapter 11 process, which will allow us to emerge with
greater stability and financial flexibility to promote future
growth and success," Denver Business Journal quotes Terry
Marcovich, Accent Windows' president, as stating.

Based in Westminster, Colorado, Accent Windows Inc. filed for
Chapter 11 bankruptcy protection on March 4, 2011 (Bankr. D. Col.
Case No. 11-14348).  Judge Michael E. Romero presides over the
case.  Jeffrey S. Brinen, Esq., at Kutner Miller Brinen, P.C.,
represents the Debtor.  The Debtor estimated assets of between
$100,000 and $500,000, and debts of between $1 million and
$10 million.


ADELPHIA COMMS: $42MM Accord Over Grid Interest Claims Okayed
-------------------------------------------------------------
Bankruptcy Law360 reports that Judge Robert E. Gerber of the U.S.
Bankruptcy Court for the Southern District of New York on Friday
granted Adelphia Communications Corp.'s bid for approval of a
$42.5 million settlement covering grid interest claims that
Citibank NA and Bank of Nova Scotia raised as administrative
agents for two credit facilities.

                    About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas is
serving 12 years in prison, and his son Timothy is serving 15
years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in their restructuring effort.  PricewaterhouseCoopers served as
the Debtors' financial advisor.  Kasowitz, Benson, Torres &
Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented
the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through
06-10642).  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  That plan became effective on
Feb. 13, 2007.

                    About Adelphia Recovery Trust

The Adelphia Recovery Trust is a Delaware Statutory Trust formed
pursuant to the First Modified Fifth Amended Joint Chapter 11 Plan
of Reorganization of Adelphia Communications Corporation and
certain affiliated debtors.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.


ADVANCED SOLUTIONS: Files For Chapter 7 Bankruptcy Protection
-------------------------------------------------------------
The Providence Journal reports that Advanced Solutions for
Tomorrow, the Georgia-based firm whose president has been charged
in an alleged $10 million kickback scheme, filed for voluntary
Chapter 7 liquidation in U.S. Bankruptcy Court in Georgia one
month after laying off all its employees.

According to the report, the company's founder and president,
Anjan Dutta-Gupta, of Georgia, and Ralph M. Mariano, a civilian
program manager with the Naval Sea Systems Command who has
residences in Warwick and Virginia, were arrested in early
February and face federal bribery charges.

The report notes Advanced Solutions listed assets of $1 million to
$10 million, and liabilities of $10 million to $50 million.

According to the report, Advanced Solutions' creditors include the
Atlantic Beach Club, of Middletown, Rhode Island; BankNewport, of
Newport; Delta Dental of Rhode Island; the state Department of
Labor and Training; Paul's Lock and Safe of Newport, R.I.; General
Pest Control, of Warwick; Silva, Thomas, Martland & Offenberg, of
Middletown; Towerstream Corp., of Middletown; and T.J. Russell
Co., of Bristol.

Advanced Solutions for Tomorrow provides product integrity, system
engineering, program support, and media development services in
the United States.


AE BIOFUELS: Unit Secures Add'l $3.5MM Funding From Third Eye
-------------------------------------------------------------
AE Biofuels, Inc., said its wholly owned advanced ethanol
subsidiary AE Advanced Fuels Keyes, Inc., closed a $3.5 million
financing with Third Eye Capital Corporation.  The funds will be
used to restart and operate a 55 million gallon per year ethanol
plant located in Keyes, California.  In November 2010, AE Keyes
received $4.5 million from Third Eye to complete the repair and
retrofit of the Keyes facility.

AE Keyes expects to restart the Keyes plant and be fully
operational by late April 2011.  AE Keyes took possession of the
facility under a project agreement with Cilion, Inc. in 2010.  The
revised project agreement extends the original lease from three to
five years, with an early termination right at three years.

AE Keyes also has signed a grain supply and services contract with
J.D. Heiskell & Co.  AE Keyes will market its wet distillers
grains (WDG) through an agreement with A.L. Gilbert, and the
company previously announced its ethanol marketing agreement with
Kinergy Marketing LLC.

According to the company, the Keyes plant is a leader in
environmentally responsible ethanol production with a 2.6:1
positive energy balance and near zero water discharge.  In
addition, the plant's natural gas and steam powered turbine
cogeneration unit generates nearly all of the operating electric
needs of the plant (4.3 megawatts), thus eliminating dependence on
the state's electrical grid.

AE Biofuels intends to introduce its patent-pending enzyme-based
cellulosic ethanol technology at the Keyes facility and other
California ethanol plants in 2011.

                        About AE Biofuels

AE Biofuels, Inc. (OTC BB: AEBF) -- http://www.aebiofuels.com/--
is a global vertically integrated biofuels company based in
Cupertino, California, developing sustainable solutions to
address the world's renewable energy needs.  The Company is
commercializing its patent-pending next-generation cellulosic
ethanol technology that enables the production of biofuels from
both non-food and traditional feedstocks.  Its wholly-owned
Universal Biofuels subsidiary built and operates a nameplate
50 million gallon per year biodiesel production facility on the
east coast of India.

The Company reported a net loss of $1.72 million on $1.59 million
of sales for the three months ended Sept. 30, 2010, compared with
a net loss of $3.78 million on $4.05 million of sales for the same
period a year earlier.

The Company's balance sheet at Sept. 30, 2010, showed
$20.23 million in total assets, $29.03 million in total
liabilities, all current, and a stockholders' deficit of
$8.80 million.


AHERN RENTAL: Moody's Downgrades Default Rating to 'Ca/LD'
----------------------------------------------------------
Moody's Investors Service has lowered Ahern Rental's Probability
of Default Rating to Ca/LD, from Caa3.  The Ca/LD rating reflects
Ahern's announcement that it did not make the February 15, 2011
scheduled interest payment within the allowable 30 day grace
period under the indenture governing the company's 9.25% second
priority senior secured notes.  Moody's definition of default
captures all missed or delayed interest or principal payments
according to the original terms of a contractual obligation.  The
company's Corporate Family Rating was lowered to Caa3.  The rating
outlook remains negative.

                        Ratings Rationale

Moody's took these ratings actions on Ahern:

  -- Corporate Family Rating lowered to Caa3 from Caa2;

  -- Probability of Default Rating lowered to Ca/LD from Caa3;

  -- $238 million 9.25% second priority global notes due August
     2013 to Ca LGD4, 66% from Ca LGD5, 72%;

The ratings outlook is negative.

Speculative Grade Liquidity Rating affirmed at SGL-4.

The company also announced that it entered into a forbearance
agreement with a majority of the revolving lenders under its
credit agreement through August 21, 2011 (not rated by Moody's).

The SGL-4 rating remains unchanged due to the weak liquidity
profile.  The long-term ratings continue to reflect leverage
exceeding 11 times and Moody's view that non-residential
construction activity levels in Ahern's region will not
significantly rebound in 2011.  Liquidity profile weakness stems
from near-term expiration of Ahern's $310 million asset-based
revolving credit line, which had borrowings of $286 million on
September 30, 2010.  The maturity of the revolver on August 21,
2011, coincides with the end of the forbearance period being
granted by the majority of the revolving lenders.

Pronounced downside risk from a weak capital structure and
liquidity profile underscore the negative rating outlook.

A favorable rating action could result from a material and
sustained reduction in financial leverage and an improvement in
the liquidity profile.  Given Moody's views on the current capital
structure, a restructuring of the debt is possible which would
have ratings implications as well.

Moody's last rating action for Ahern occurred on August 26, 2010,
when the company's probability of default rating was downgraded to
Caa3 with a negative outlook and the SGL lowered to 4.

Ahern Rentals, Inc., headquartered in Las Vegas, NV, is an
equipment rental company with a network of 71 branches in the
United States.  The company specializes in high reach equipment.
For the twelve months ended September 30, 2010 Ahern reported
revenues of $283 million.


ALAN COTTRILL: Files For Chapter 7 Bankruptcy Protection
--------------------------------------------------------
Kathy Thompson at Zanesville Times Recorder reports that artist
Alan Cottrill filed for Chapter 7 bankruptcy.  According to the
Times Recorder, the filing means Mr. Cottrill will not be repaying
about $100,000 the city of Zanesville loaned him to improve the
former Nader building on Sixth Street he bought in 2005.

Ms. Thompson notes Mr. Cottrill said the entire amount of money --
a $120,000 loan and a $200,000 federal grant -- was used for
improvements to the building.  Mr. Cottrill said he has paid back
about $25,000 on the loan and paid continually for four years
until he "just couldn't anymore."

The government didn't expect to get back the $200,000 from a
federal grant Mr. Cottrill was given.  The grant came from the
Ohio Department of Development Housing and Community Partnerships,
the report quotes Stacey Clapper, community development director
for the city of Zanesville, as saying.


ALON USA: S&P Affirms Corporate Credit Ratings at 'B'
-----------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
corporate credit ratings on both Alon USA Energy Inc. and Alon
Refining Krotz Springs and removed them from CreditWatch, where
they were placed with negative implications on Dec., 13, 2010.
The outlook is negative.

The 'B+' issue rating (one notch higher than the corporate credit
rating) and '2' recovery rating on Alon USA's $450 million term
loan remain unchanged and the '2' recovery rating indicates S&P's
expectation of a substantial recovery (70% to 90%) for lenders in
the event of a default.  The issue and recovery ratings on Krotz
Spring's $216.5 million notes remain unchanged at 'B' and '3',
respectively.  The '3' recovery rating indicates S&P's expectation
of meaningful recovery (50% to 70%) in the event of a default.

"Alon's operational performance in fourth-quarter 2010 benefitted
from favorable refining distillate margins as well as from
increased discounts on heavy crude oil feedstocks," said Standard
& Poor's credit analyst Aniki Saha-Yannopoulis.  With both the Big
Spring and Krotz Springs refineries fully operational, S&P expects
that current market conditions will enable Alon to sustain
relatively strong operating performance and cash flow through
2011.  To maintain the rating and revise the outlook to stable,
S&P expects Alon to utilize free cash flow generated during this
period to pay down approximately $200 million of balance sheet
debt by the end of 2011.  A revision of the outlook to stable will
also depend on industry conditions and S&P's expectations.   S&P
continues to have concerns regarding the company's longer term
profit potential given the challenges Alon will face from more
complex refineries with excess production and new capacity
scheduled to become operational.

The rating on Alon USA Energy Inc. reflects its vulnerable
business risk profile and its challenges as a relatively small,
independent oil refining and marketing company with limited
diversity and a high degree of financial and operating leverage.
The company participates in a competitive industry, which has
erratic profitability and high fixed-cost requirements for
refinery equipment and compliance with environmental regulations.
The ratings also incorporate support provided by Alon USA's parent
Alon Israel Oil Inc. Standard & Poor's Ratings Services approaches
Alon on a consolidated approach including results from the Krotz
Springs refinery in S&P's analysis of Alon USA.

S&P considers Alon's debt profile to be very aggressive and
compared to its peer group, Alon has underperformed historically.
S&P's current ratings incorporate a meaningful improvement in
Alon's EBITDA as S&P expects current refining margins and
differentials to remain strong at least through 2011.   However,
given the inherent volatility and unpredictable nature of the
refining industry, a revision of the outlook to stable will
require the company to reduce balance sheet debt by approximately
$200 million.  Should the company successfully execute debt
reduction, increased profitability, and industry conditions in
2012 are healthy enough to support good financial performance, S&P
will consider stabilizing the outlook.


AMBAC FINANCIAL: Proposes Claims Objection Procedures
-----------------------------------------------------
Ambac Financial Group, Inc. asks Bankruptcy Judge Shelley Chapman
to:

  (i) grant it relief from certain limitations set forth in Rule
      3007 of the Federal Rules of Bankruptcy Procedure; and

(ii) approve certain procedures by which it may object to
      claims that have been or may be filed or scheduled in its
      Chapter 11 case.

Bankruptcy Rule 3007 limits the types of objections that debtors
may assert against multiple Claims on an omnibus basis.
Specifically, Rule 3007(d) allows a debtor to file an Omnibus
Claim Objection when the basis for the objection is that the
Claims in question:

  -- duplicate other claims;

  -- have been filed in the wrong case;

  -- have been amended by subsequently filed proofs of claim;

  -- were not timely filed;

  -- have been satisfied or released during the case in
     accordance with the Bankruptcy Code, applicable rules,
     or a court order;

  -- were presented in a form that does not comply with
     applicable rules, and the objector is unable to determine
     the validity of the claim because of the noncompliance;

  -- are interests, rather than claims; or

  -- assert priority in an amount that exceeds the maximum
     amount under Section] 507 of the Bankruptcy Code.

Rule 3007(e)(6) also limits Omnibus Claim Objections to no more
than 100 Claims per objection.

Allison H. Weiss, Esq., at Dewey & LeBoeuf LLP, in New York,
tells the Court that the Debtor anticipates that, although it
will object to a substantial number of Claims on the grounds that
they are duplicative of Claims filed by indenture trustees or are
equity interests in the Debtor rather than Claims against the
Debtor, the Debtor may also object to many Claims on additional
grounds not set forth under Rule 3007(d).  She emphasizes that
preparing and filing individual pleadings for each objection will
be a time-consuming and costly process.

Pursuant to the proposed guidelines, the Debtor seeks to file
Omnibus Claim Objections seeking reduction, reclassification, or
disallowance of Claims on these grounds, in addition to the Rule
3007 grounds:

  (i) The Claims are asserted in amounts that are inconsistent
      with amounts reflected for them in the Debtor's books and
      records;

(ii) The Claims are asserted on grounds that, after review, the
      Debtor cannot validate based upon its books and records or
      other available information;

(iii) The Claims are asserted improperly as secured,
      administrative, or priority Claims in whole or in part;

(iv) The Claims seek recovery of amounts for which the Debtor
      is not liable;

  (v) The Claims are for liabilities that have been paid or
      otherwise satisfied, by the Debtor or other sources;

(vi) The Claims do not include sufficient documentation to
      ascertain the validity of the Claims; or

(vii) The Claims are objectionable under Section 502(e) of the
      Bankruptcy Code.

The Debtor further seeks the Court's permission to assert
objections against up to 300 claims per Omnibus Claim Objection
filing, if the grounds for objecting to the Claims in
question are one or more of the following:

  (i) The Claims duplicate other Claims that will survive the
      Omnibus Claim Objection;

(ii) The Claims have been amended or superseded by
      subsequently-filed Claims that will survive the Omnibus
      Claim Objection;

(iii) The Claims relate to the ownership of equity interests in
      the Debtor; or

(iv) The Claims were not timely filed.

Apart from the modifications sought, the Debtor assures the Court
that it will comply with Rule 3007 in all other respects.

Moreover, the Debtor proposes that these procedures govern all
Omnibus Claim Objections and all non-omnibus Claim objections and
any resulting contested matters:

  (a) Any Claim Objection will be filed and served at least 35
      days before the omnibus hearing at which Claim Objection
      will be heard, and may be served by U.S. mail without
      requiring the additional days provided for under Rule
      9006(f) of the Federal Rules of Bankruptcy Procedure.  The
      notice of Claim Objection that Kurtzman Carson Consultants
      LLC, the Debtor's claims and noticing agent, serves on
      each applicable Claim holder, will be individualized to
      the applicable Claims to provide the notice information
      required under Rule 3007 and will include a copy of the
      Order establishing these Procedures.  The Debtor may
      assert Claim Objections against Proofs of Claim or
      Unsuperseded Scheduled Claims.

  (b) An agreement of the applicable parties, or an order of
      the Court, (1) any response to a Claim Objection will be
      filed and served no later than the last business day that
      is at least 14 days before the omnibus hearing at which
      the Claim Objection will be heard by the Court; and (2)
      any reply to a Response will be filed and served no later
      than on the day that is three days before the omnibus
      hearing.

  (c) There will be no surreply unless the Court orders
      otherwise upon the filing of a motion demonstrating good
      cause.

  (d) If no Response to a Claim Objection is timely filed, the
      Debtor may submit a form of order sustaining the Claim
      Objection with respect to those Claims without any further
      notice or hearing.

  (e) If a timely Response is filed with respect to a Claim
      Objection, the initial omnibus hearing on the contested
      portion of the Claim Objection will not be an evidentiary
      hearing unless the Claim Objection expressly provides, the
      applicable parties agree, or the Court orders otherwise.

  (f) Given the number of Claims in these Chapter 11 cases, it
      is possible that orders resolving Claim Objections could
      have inadvertent errors from time to time, despite the
      Debtor's best efforts to avoid those errors.  If an order
      resolving a Claim Objection contains an error, the Court
      may enter an amended order concerning the Claim without
      further notice or hearing, upon confirmation by the Debtor
      and the holder of the Claim.

  (g) A Claim Objection need not include copies of the Proofs of
      Claim subject to the Claim Objection.
.
  (h) Pending Claim Objections will be identified by title and
      docket number in the hearing agenda for each applicable
      omnibus hearing.  Hearing Agendas are not required to
      indicate deadline extensions, hearing adjournments,
      resolutions, entry of earlier orders, status, or other
      details with respect to pending contested Claim
      Objections, provided that the Debtor attach as an exhibit
      to each applicable Hearing Agenda a status report,
      indicating, with respect to each contested Claim
      Objection: (a) the Claim holder's name, Claim number,
      asserted Claim amount, and asserted Claim priority; (b)
      the grounds of objection to the Claim; and (c) the status
      of the matter for the omnibus hearing.

The Debtor asks the Court to authorize its Claims Agent to serve
each holder of a Claim that is the subject of an order entered
with respect to an Omnibus Claim Objection with a copy of the
order, without exhibits, and a personalized notice identifying
the Claim that is subject to the order, the Court's treatment of
the Claim and its basis, and the holder of the Claim's ability to
request the order, with exhibits, from the Claims Agent.

Judge Chapman will consider the Debtor's request on March 24,
2011.  Objections were due March 17.

                       About Ambac Financial

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.

Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010.  Ambac said it will
continue to operate in the ordinary course of business as "debtor-
in-possession" under the jurisdiction of the Bankruptcy Court and
in accordance with the applicable provisions of the Bankruptcy
Code and the orders of the Bankruptcy Court.

Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy.  AAC is being restructured by state regulators in
Wisconsin.  AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.

Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed $30.05 billion in total assets,
$31.47 billion in total liabilities, and a $1.42 billion
stockholders' deficit, at June 30, 2010.

On an unconsolidated basis, Ambac said in a court filing that
it has assets of ($394.5 million) and total liabilities of
$1.6826 billion as of June 30, 2010.

Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about $1.62 billion.

Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP, represent the Debtor.  The
Blackstone Group LP is the Debtor's financial advisor.  Kurtzman
Carson Consultants LLC is the claims and notice agent.  KPMG LLP
is tax consultant to the Debtor.

Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel to
the Official Committee of Unsecured Creditors.  Lazard Freres &
Co. LLC is the Committee's financial advisor.

Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Ambac Financial Group Inc.
(http://bankrupt.com/newsstand/or 215/945-7000)


AMBAC FINANCIAL: Proposes to Hire Cornerstone Research
------------------------------------------------------
Ambac Financial Group, Inc. seeks the Court's permission to
employ Cornerstone Research as its litigation consultant, nunc
pro tunc to January 14, 2011.

As the Debtor's litigation consultant, Cornerstone will provide
certain litigation consulting services to the Debtor and Wachtell
Lipton, Rosen & Katz, the Debtor's special counsel, including,
among other things, compiling, modeling and analyzing trading
activity for certain of the Debtor's securities.

Cornerstone has indicated its willingness to serve as the
Debtor's litigation consultants with respect to certain putative
securities and derivatives class actions and to perform those
services.

To the extent that Cornerstone provides consulting services to
Wachtell Lipton, counsel to the Debtor in the Litigations, or any
of the Debtor's other retained counsel in connection with
litigation matters, Cornerstone's work will be performed at the
sole direction of Debtor's counsel and will be solely and
exclusively for the purpose of assisting counsel in their
representation of the Debtor, AFG Senior Vice President and
General Counsel Kevin Doyle clarifies.

Consequently, Mr. Doyle says Cornerstone's work may be of
fundamental importance in the formulation of mental impressions
and legal theories by counsel, which may be used in counseling
the Debtor, representing the Debtor, and negotiating a settlement
on behalf of the Debtor.  In order for Cornerstone to carry out
its responsibilities, it may be necessary for Debtor's counsel to
disclose to Cornerstone their legal analysis, as well as other
privileged information and attorney work product, he notes.

Accordingly, the Debtor asks the Court to deem that the status of
any writings, analysis, communications, and mental impressions
formed, produced or created by Cornerstone in connection with its
assistance of Wachtell Lipton or any of the Debtor's other
retained counsel in litigation matters is the work product of
Wachtell Lipton or any of the Debtor's other retained counsel in
their capacity as counsel to the Debtor.

The Debtor further seeks an order providing that the confidential
or privileged status of the Cornerstone Litigation Work Product
(i) will not be affected by the fact that Cornerstone has been
retained by the Debtor rather than by Wachtell Lipton or any of
the Debtor's other retained counsel; and (ii) will not be
affected if certain aspects of Cornerstone's work are shared with
Debtor's lead counsel in these Chapter 11 cases, any of the
Debtor's other retained counsel, the Official Committee of
Unsecured Creditors, or its counsel.

Cornerstone's professionals will be paid at an hourly rate, and
that total fees will not exceed $65,000 without seeking further
approval by the Court.  The current hourly rates for damages
estimation services to be rendered by Cornerstone professionals
are:

     Professional                    Rate per Hour
     ------------                    -------------
     Partner/Managing Director        $550
     Associate                        $375
     Staff                            $235 to $300

Cornerstone will be entitled to seek reimbursement for actual and
necessary expenses incurred.

David Marcus, vice president at Cornerstone Research --
dmarcus@cornerstone.com -- assures Judge Chapman that Cornerstone
is a "disinterested person" as that term is defined under Section
101(14) of the Bankruptcy Code.

                       About Ambac Financial

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.

Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010.  Ambac said it will
continue to operate in the ordinary course of business as "debtor-
in-possession" under the jurisdiction of the Bankruptcy Court and
in accordance with the applicable provisions of the Bankruptcy
Code and the orders of the Bankruptcy Court.

Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy.  AAC is being restructured by state regulators in
Wisconsin.  AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.

Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed $30.05 billion in total assets,
$31.47 billion in total liabilities, and a $1.42 billion
stockholders' deficit, at June 30, 2010.

On an unconsolidated basis, Ambac said in a court filing that
it has assets of ($394.5 million) and total liabilities of
$1.6826 billion as of June 30, 2010.

Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about $1.62 billion.

Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP represent the Debtor.  The
Blackstone Group LP is the Debtor's financial advisor.  Kurtzman
Carson Consultants LLC is the claims and notice agent.  KPMG LLP
is tax consultant to the Debtor.

Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel to
the Official Committee of Unsecured Creditors.  Lazard Freres &
Co. LLC is the Committee's financial advisor.

Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Ambac Financial Group Inc.
(http://bankrupt.com/newsstand/or 215/945-7000)


AMBAC FINANCIAL: Officers Disclose Equity Stake
-----------------------------------------------
David W. Wallis, president and chief executive officer of Ambac
Financial Group, Inc., told the U.S. Securities and Exchange
Commission that he acquired 2,859 shares of the Company's common
stock on January 28, 2011, at $0.18 per share.  As a result of
the transaction, Mr. Wallis is deemed to beneficially own 413,100
shares of Ambac common stock.

These officers disposed of their shares of Ambac common stock
during the relevant period:

                                                  Shares
                                                Beneficially
                      No. of Shares  Price per  Owned After
Name                 Disposed of    Share      Transaction
----                 -------------  ---------  ------------
David W. Wallis         13,430        $0.18       399,670
Kevin J. Doyle          47,165        $0.18        47,165
Diana Adams              3,663        $0.18         9,461
Robert Bryan Eisman      3,816        $0.18        44,321
David Trick              3,733        $0.18        32,875

Messrs. Doyle, Eisman, and Trick each beneficially owns zero
shares of Ambac common stock held indirectly under the Savings
Plan Trust.

As a result of the Compensation Committee's decision to amend the
Savings Plan Trust to eliminate the Ambac Financial Group Stock
Fund as an investment option under the SIP, all securities held
by the Stock Fund were sold on December 10, 2010, including
shares of Messrs. Doyle, Eisman, and Trick held in the Stock
Fund.

The shares acquired and disposed of by the officers were withheld
pursuant to the exercise of a tax withholding right under Ambac's
1997 Equity Plan, as amended.

Mr. Doyle is senior vice president of the Company.  Ms. Adams and
Mr. Eisman act as the Company's senior managing directors.  Mr.
Trick serves as the Company's senior managing director and chief
financial officer.

                       About Ambac Financial

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.

Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010.  Ambac said it will
continue to operate in the ordinary course of business as "debtor-
in-possession" under the jurisdiction of the Bankruptcy Court and
in accordance with the applicable provisions of the Bankruptcy
Code and the orders of the Bankruptcy Court.

Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy.  AAC is being restructured by state regulators in
Wisconsin.  AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.

Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed $30.05 billion in total assets,
$31.47 billion in total liabilities, and a $1.42 billion
stockholders' deficit, at June 30, 2010.

On an unconsolidated basis, Ambac said in a court filing that
it has assets of ($394.5 million) and total liabilities of
$1.6826 billion as of June 30, 2010.

Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about $1.62 billion.

Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP represent the Debtor.  The
Blackstone Group LP is the Debtor's financial advisor.  Kurtzman
Carson Consultants LLC is the claims and notice agent.  KPMG LLP
is tax consultant to the Debtor.

Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel to
the Official Committee of Unsecured Creditors.  Lazard Freres &
Co. LLC is the Committee's financial advisor.

Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Ambac Financial Group Inc.
(http://bankrupt.com/newsstand/or 215/945-7000)


AMERICAN PACIFIC: Disclosure Statement Hearing Moved to April 18
----------------------------------------------------------------
The hearing to consider approval of the disclosure statement
explaining American Pacific Financial Corporation's Chapter 11
Plan of Reorganization has been moved to April 18, 2011, at 9:30
a.m.

As reported in the Troubled Company Reporter on Nov. 22, 2010, the
Plan provides for:

   -- cash payments to holders of priority claims;

   -- return or liquidation of collateral of secured creditors;
      and

   -- cash payments to all general unsecured creditors with
      allowed claims, either out of cash or out of net operating
      proceeds through their interest in the participation
      agreement:

       * Holders of General Unsecured Claims of $5,000 or less
         (expected to aggregate $37,315) will receive a cash
         payment of 50% of their claims within six months after
         the effective date.

       * Other holders of general unsecured claims (totaling
         $159,508,939) will receive beneficial interest in
         creditor trust secured participation agreement payable
         over 84 months unless extended by agreement.

                  About American Pacific Financial

Las Vegas, Nevada-based American Pacific Financial Corporation has
been involved in private equity and sub-debt investment in various
types of companies since 1978.  APFC's assets include loans and
investments in distressed real estate development projects and in
other types of distressed operating companies throughout various
industries.  The Company filed for Chapter 11 bankruptcy
protection on Sept. 21, 2010 (Bankr. D. Nev. Case No. 10-27855).
Kaaran Thomas, Esq., and Ryan J. Works, Esq., at McDonald Carano
Wilson, LLP, in Las Vegas, Nev., represent the Debtor.  The
Company disclosed $16,597,647 in assets and $160,977,435 in
liabilities as of the Chapter 11 filing.


ANGIOTECH PHARMACEUTICALS: Posts $66.8 Million Net Loss in 2010
---------------------------------------------------------------
Angiotech Pharmaceuticals, Inc., filed on March 16, 2011, its
annual report on Form 10-K for the fiscal year ended Dec. 31,
2010.

The Company reported a net loss of $66.8 million on $246.2 million
of revenue for 2010, compared with a net loss of $22.9 million on
$279.7 million for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
$306.0 million in total assets, $690.1 million in total
liabilities, and a stockholders' deficit of $384.1 million.

A complete text of the Form 10-K is available for free at:

                       http://is.gd/iWfJqi

                 About Angiotech Pharmaceuticals

Based in Vancouver, British Columbia, in Canada, Angiotech
Pharmaceuticals, Inc. (TSX: ANP) -- http://www.angiotech.com/--
is a global specialty pharmaceutical and medical device company.
Angiotech discovers, develops and markets innovative treatment
solutions for diseases or complications associated with medical
device implants, surgical interventions and acute injury.

Alvarez & Marsal Canada Inc., as monitor and foreign
representative, filed Chapter 15 bankruptcy petitions for
Angiotech Pharmaceuticals Inc. and its units (Bankr. D. Del. Lead
Case No. 11-10269) on Jan. 30, 2011, to seek recognition of their
insolvency proceedings under the Companies' Creditors Arrangement
Act in Canada as a "foreign main proceeding" under 11 U.S.C.
Sec. 1517.

The foreign representative has tapped Mary Caloway, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, and
Ken Coleman, Esq., at Allen & Overly LLP, in New York, as counsel
in the Chapter 15 case.  John Grieve, Esq., at Fasken Martineau
DuMoulin LLP, in Vancouver, B.C., represents Alvarez & Marsal in
the CCAA case.

As reported by the Troubled Company Reporter on Feb. 21, 2011, the
Supreme Court of British Columbia has accepted for filing a plan
of compromise or arrangement, with terms and conditions materially
consistent with Angiotech's recapitalization transaction.  The
Canadian Court issued an order authorizing the holding of a
meeting of the affected creditors of the Angiotech Entities on
April 4.  The purpose of the meeting is for the Affected
Creditors to consider and vote on the Plan.  If the Plan is
approved by the required majority of Affected Creditors, the
Angiotech Entities intend to bring a further motion on or about
April 6 seeking a sanctioning of the Plan by the Court.  The
Canadian Court also granted an order establishing a procedure for
the adjudication, resolution and determination of claims of
Affected Creditors for voting and distribution purposes under the
Plan and fixing a claims bar date of March 17, 2011.


APPLESEED'S INTERMEDIATE: U.S. Trustee Amends Creditors Committee
-----------------------------------------------------------------
Roberta A. DeAngelis, the U.S. Trustee for Region 3, amended, for
the third time, the official committee of unsecured creditors in
the Chapter 11 cases of Appleseed's Intermediate Holdings LLC, et
al.

The U.S. Trustee excluded Protex International, Eastman Footwear
Group Inc., and Seasons Apparel Inc.  The Creditors Committee now
consists of:

1. RR Donnelley & Sons Company
   Attn: Dan Pevonka
   3075 Highland Parkway
   Downers Grove, IL 60515
   Tel: (630) 322-6931
   Fax: (630) 322-6052

2. Gould Paper Corp.
   Attn: Michael Ritter
   11 Madison Avenue
   New York, NY 10010
   Tel: (212) 301-8682
   Fax: (212) 547-3409

3. News America Marketing
   Attn: Joseph M Borrow
   20 Westport Road
   Wilton, CT 06897
   Tel: (203) 563-6304
   Fax: (203) 563-6736

4. Valassis
   Attn: Hal Manoian
   One Target Centre
   Windsor, CT 06095
   Tel: (860) 285-6336
   Fax: (860) 285-6480

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at the Debtor's
expense.  They may investigate the Debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.  Those
committees will also attempt to negotiate the terms of a
consensual Chapter 11 plan -- almost always subject to the terms
of strict confidentiality agreements with the Debtors and other
core parties-in-interest.  If negotiations break down, the
Committee may ask the Bankruptcy Court to replace management with
an independent trustee.  If the Committee concludes reorganization
of the Debtor is impossible, the Committee will urge the
Bankruptcy Court to convert the Chapter 11 cases to a liquidation
proceeding.

                    About Appleseed's Intermediate

Based in Beverly, Massachusetts, Appleseed's Intermediate Holdings
LLC, aka Appleseed's Intermediate Holdings, Inc., aka Orchard
Brands sells clothing to people 55 and older.  Orchard Brands has
17 brands including Appleseed's, Draper's & Damon's, Gold Violin,
Haband and Norm Thompson.  It publishes catalogs and has stores
under its Appleseed's and Draper's & Damon's brands.  It has
annual sales of about $1 billion and earnings before interest,
taxes, depreciation and amortization are about $50 million.

Appleseed's is owned by Golden Gate Capital Corp., which also
holds stakes in retailers Express Inc., Eddie Bauer Holdings Inc.
and Zale Corp.

Appleseed's Intermediate and its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-10160) on
Jan. 19, 2011.  Appleseed's Intermediate estimated assets at
$100 million to $500 million and debts at $500 million to $1
billion in its Chapter 11 petition.

Richard M. Cieri, Esq., Joshua A. Sussberg, Esq., at Brian E.
Schartz, at Kirkland & Ellis LLP, serve as the Debtors' bankruptcy
counsel.  Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, serves as local counsel to the Debtors.  Moelis &
Company LLC is the Debtors' investment banker and financial
advisor.  Alvarez & Marshal North America, LLC, is the Debtors'
restructuring advisor.  Pricewaterhousecoopers LLP is the Debtors'
independent auditor.  Kurtzman Carson Consultants LLC is the
notice, claims and balloting agent.

Jay R Indyke, Esq., Cathy Hershcopf, Esq., Brent Weisenberg, Esq.,
and Richelle Kalnit, Esq., at Cooley LLP, in New York, and Robert
K Malone, Esq., Michael P Pompeo, Esq., and Howard A Cohen, Esq.,
at Drinker Biddle & Reath LLP, in Wilmington, Delaware, represent
the Official Committee of Unsecured Creditors.


AVAYA INC: Bank Debt Trades at 5% Off in Secondary Market
---------------------------------------------------------
Participations in a syndicated loan under which Avaya Inc. is a
borrower traded in the secondary market at 95.46 cents-on-the-
dollar during the week ended Friday, March 18, 2011, a drop of
1.86 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 450 basis points above LIBOR to borrow
under the credit facility, which matures on October 26, 2017.
Moody's and Standard & Poor's do not rate the loan.  The loan is
one of the biggest gainers and losers among 165 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

As reported by the Troubled Company Reporter on February 9, 2011,
Standard & Poor's assigned its 'B' senior secured rating (one
notch above the 'B' corporate credit rating) to $1.009 billion
eight-year notes offered by Avaya Inc.  The recovery rating is
'2', indicating substantial (70%-90%) recovery prospects in the
event of a payment default.  Proceeds from the notes will repay in
full the company's existing $1 billion term loan B2.

On February 7, 2011, the TCR reported that Moody's assigned B1
ratings to Avaya Inc.'s proposed $1.0 billion senior secured note
offering due 2019 and recently amended and extended senior secured
term loan and affirmed the existing 'B3' corporate family rating.
The new notes will refinance the existing $990 million of senior
secured debt used to finance the acquisition of Nortel's
enterprise assets.  The amended and extended term loan pushes the
maturity of approximately half the existing $3.7 billion term loan
to 2017 from 2014.  The combined transactions should have a net
neutral impact on cash interest expense.  Both transactions serve
to reduce the wall of maturities that come due in 2014 to
$1.8 billion from $4.5 billion.  The ratings outlook is stable.

Avaya, Inc., based in Basking Ridge, New Jersey, is a supplier of
communications systems and software for enterprise customers.


BANKS HOLDING: Case Summary & 13 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Banks Holding, L.P.
        P.O. Box 1037
        Burnsville, NC 28714

Bankruptcy Case No.: 11-10258

Chapter 11 Petition Date: March 18, 2011

Court: U.S. Bankruptcy Court
       Western District of North Carolina (Asheville)

Judge: George R. Hodges

Debtor's Counsel: Edward C. Hay, Jr., Esq.
                  PITTS, HAY & HUGENSCHMIDT, P.A.
                  137 Biltmore Avenue
                  Asheville, NC 28801
                  Tel: (828) 255-8085
                  Fax: (828) 251-2760
                  E-mail: ehay@phhlawfirm.com

Scheduled Assets: $28,047,029

Scheduled Debts: $7,385,010

The petition was signed by Sheree B. Watson, general partner.

Debtor's list of 13 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Sheree B. Watson                   Note                   $257,009
736 Moretz Court
Hickory, NC 28601

Banco Lumber                       Note                   $203,789
319 W. Main Street
Burnsville, NC 28714

Banks Banks & Watson               Note                    $15,000
319 W. Main Street
Burnsville, NC 28714

Banks Family IDIT #2               Note                    $13,586

William R. Banks                   Note                     $7,009

Sheree B. Watson                   Note                     $7,009

Sheree B. Watson                   Note                       $292

William R. Banks                   Note                       $292

Jeani H. Banks                     Note                       $205

Lyndsey Watson                     Note                       $205

Michael R. Watson                  Note                       $205

Michael R. Watson II               Note                       $205

Mitchell Banks                     Note                       $205


BARNES BAY: Organizational Meeting to Form Panel on March 31
------------------------------------------------------------
Roberta A. DeAngelis, United States Trustee for Region 3, will
hold an organizational meeting on March 31, 2011, at 9:15 a.m. in
the bankruptcy case of Barnes Bay Development Ltd.  The meeting
will be held at J. Caleb Boggs Federal Building, 844 King Street,
Room 2112, in Wilmington, Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

Beverly Hills, California-based Barnes Bay Development Ltd. owns
the Viceroy Anguilla Resort & Residences on the British West
Indies island of Anguilla.  It filed for Chapter 11 bankruptcy
protection on March 17, 2011 (Bankr. D. Del. Case No. 11-10792).
The Company disclosed that as of as of Dec. 31, 2010, it had
$531 million in assets and $462 million in debt.


BATAA/KIERLAND: Files List of 9 Largest Unsecured Creditors
-----------------------------------------------------------
Bataa/Kierland, LLC, has filed with U.S. Bankruptcy Court for
the District of Arizona a list of its nine largest unsecured
creditors, disclosing:

  Entity                         Nature of Claim      Claim Amount
  ------                         ---------------      ------------
Bank of Choice
3780 W. Tenth Street
Greeley, CO 80634                                        $200,000

Becker & House
7047 E. Greenway Parkway
Suite 370
Scottsdale, AZ 85254             Security Deposit         $20,088

City of Phoenix
200 W. Washington
Phoenix, AZ 85003                Privilege Tax             $7,250

Climatec
2851 W. Kathleen                 Technical Support
PHOENIX, AZ 85053                Agreement                $13,943

Comfort Team
A/C & Heating Specialists
7595 E. Gray Road, Suite 1
Scottsdale, AZ 85260                                       $6,676

Crystal Clean Cleaning
  Services
Sava Stojanovic
900 North Rural Road, #2041
Chandler, AZ 85226                                         $5,313

Malcolm & Cisneros
7047 E. Greenway Parkway
Suite 390
Scottsdale, AZ 85254             Security Deposit          $13,854

Three Dimensional Resource
  Planning
7047 E. Greenway parkway
Suite 300
Scottsdale, AZ 85254             Security Deposit           $9,523

Thyssenkrupp Elevator
1634 N. 19th Avenue
Phoenix, AZ 85009                Maintenance Agreement     $15,950

Scottsdale, Arizona-based Bataa/Kierland LLC filed for Chapter 11
bankruptcy protection on March 9, 2011 (Bankr. D. Ariz. Case No.
11-05850).  Mark W. Roth, Esq., at Polsinelli Shughart P.C.,
serves as the Debtor's bankruptcy counsel.  The Debtor estimated
its assets and debts at $10 million to $50 million.


BATAA/KIERLAND: Taps Polsinelli Shughart as Bankruptcy Counsel
--------------------------------------------------------------
Bataa/Kierland, LLC, asks for authorization from the U.S.
Bankruptcy Court for the District of Arizona to employ Polsinelli
Shughart PC.

PS will, among other things:

  a. prepare pleadings and applications;

  b. conduct examinations incidental to the administration of the
     Debtor's bankruptcy;

  c. advise the Debtor of its rights, duties, and obligations
     under Chapter 11 of the U.S. Bankruptcy Code; and

  d. formulate and prepare a plan of reorganization and disclosure
     statement.

PS will be paid based on the hourly rates of its professionals:

     Partners                     $275-$600
     Associates                   $220-$250
     Paralegals                     $150

Mark W. Roth, Esq., a shareholder at PS, assures the Court that
the firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

Bataa/Kierland, LLC, owns and operates a Class "A" office building
known as Kierland Corporate Center located at 7047 E. Greenway
Parkway, Scottsdale, Arizona.  It filed for Chapter 11 bankruptcy
protection on March 9, 2011 (Bankr. D. Ariz. Case No. 11-05850).
The Debtor estimated its assets and debts at $10 million to
$50 million.


BATAA/KIERLAND: Wants to Use JPMCC 2007-CIBC's Cash Collateral
--------------------------------------------------------------
Bataa/Kierland, LLC, asks for authorization from the U.S.
Bankruptcy Court for the District of Arizona to use through
May 31, 2011, rents and other income generated by Kierland
Corporate Center in Scottsdale, Arizona.

The Property is approximately 41% occupied; it is currently
occupied by seven tenants in approximately 44,717 square feet of
the building. JPMCC 2007-CIBC 19 East Greenway, LLC, has asserted
a claim against the Debtor, allegedly secured by the Property, in
the amount of approximately $22 million.  The Lender asserts a
lien in the rental and other income generated by the Property, and
that income constitutes its cash collateral.

The Lender has noticed a trustee's sale with respect to the
Property for May 25, 2011.  Additionally, in February 2011, the
Lender filed certain pleadings in Maricopa County Superior Court
for the State of Arizona seeking the appointment of a receiver
over the Property.

John J. Hebert, Esq., at Polsinelli Shughart PC, explains that the
Debtor needs the money to fund its Chapter 11 case, pay suppliers
and other parties.  The Debtor will use the collateral pursuant to
a 90-day budget, a copy of which is available for free at:

            http://bankrupt.com/misc/BATAA_budget.pdf

The Debtor says that its proposed use of cash collateral will not
endanger the value of Property claimed as collateral by the
Lender.  "In fact, maintenance of the Property would only serve to
protect the value of the property, and as a result, the Lender's
asserted interest.  Therefore, the Lender is adequately protected
and the Debtor should be permitted to use of the cash collateral
from the Property to pay the expenses associated with maintaining,
preserving and improving the Property," the Debtor states.

To the extent that the Property generates income in excess of
the expenses, as the Budget reflects, the Debtor will hold and
sequester excess income, subject to whatever rights the Lender has
in the income pursuant to its liens.

Bataa/Kierland, LLC, owns and operates a Class "A" office building
known as Kierland Corporate Center located at 7047 E. Greenway
Parkway, Scottsdale, Arizona.  It filed for Chapter 11 bankruptcy
protection on March 9, 2011 (Bankr. D. Ariz. Case No. 11-05850).
Mark W. Roth, Esq., at Polsinelli Shughart P.C., serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at $10 million to $50 million.


BEACON POWER: Recurring Losses Cue Going Concern Doubt
-----------------------------------------------------
Beacon Power Corporation filed on March 16, 2011, its annual
report on Form 10-K for the fiscal year ended Dec. 31, 2010.

Miller Wachman LLP, in Boston, expressed substantial doubt about
Beacon Power's ability to continue as a going concern.  The
independent auditors noted that of the Company's recurring losses
from operations and negative operating cash flows.

The Company reported a net loss of $22.7 million on $895,703 of
revenue for 2010, compared with a net loss of $19.1 million on
$968,421 of revenue for 2009.

A complete text of the Form 10-K is available at no charge at:

                        http://is.gd/OQX6Mk

Tyngsboro, Mass.-based Beacon Power Corporation (Nasdaq: BCOND)
-- http://www.beaconpower.com/-- designs, manufactures and
operates flywheel-based energy storage systems that it has begun
to deploy in company-owned merchant plants that sell frequency
regulation services in open-bid markets.


BELDEN INC: S&P Raises Corporate Credit Rating to 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on St. Louis-based Belden Inc. to 'BB'
from 'BB-'.  The rating outlook is stable.  Debt outstanding at
Dec. 31, 2010, totaled about $551 million.

At the same time, S&P raised the issue-level rating on the
company's $230 million senior secured revolver to 'BBB-' (two
notches higher than the corporate credit rating) from 'BB+' based
solely on the higher corporate credit rating.  The recovery rating
remains at '1', indicating S&P's expectation of very high (90% to
100%) recovery for lenders in the event of a payment default.

S&P also raised the issue-level ratings on Belden's $350 million
senior subordinated notes due 2017 and $200 million senior
subordinated notes due 2019 to 'BB-' (one notch lower than the
corporate credit rating) from 'B+', reflecting the upgrade of the
company.  The recovery rating on this debt remains at '5',
indicating S&P's expectation of modest (10% to 30%) recovery for
noteholders in the event of a payment default.

"The rating on Belden reflects the company's participation in the
highly competitive and cyclical wire and cable markets, its
exposure to volatile raw material pricing and foreign currency
rates, and a significant financial profile," said Standard &
Poor's credit analyst Alfred Bonfantini.  Belden's focus on
diversification into value-added specialty products and expansion
of its vertical markets served, along with adequate liquidity and
good cash flow characteristics, partially offset these risks.


BELFOR HOLDINGS: Moody's Assigns 'Ba3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned Belfor Holdings, Inc. first
time ratings: Ba3 corporate family and B1 probability of default.
Concurrently, a Ba2 rating has been assigned the planned
$460 million first lien bank credit facility.  The rating outlook
is stable.  The planned facility will replace existing bank debt
with minimal impact to cash and debt balances.

Ratings assigned, subject to review of final documentation:

Belfor Holdings, Inc.

  -- Corporate family, Ba3
  -- Probability of default, B1

Belfor USA Group, Inc.

  -- $125 million first lien revolver due 2016, Ba2 LGD2, 24%
  -- $75 million first lien term loan A due 2016, Ba2 LGD2, 24%
  -- $260 million first lien term loan B due 2017, Ba2 LGD2, 24%

                        Ratings Rationale

The Ba3 CFR considers the company's experience, operating
efficiency and scale in the highly fragmented disaster recovery
services niche (reconstruction services related to insurance
losses).  Belfor is large, geographically diverse and offers a
wide range of services.  Scale and service breadth offer a
competitive edge when dealing with larger disasters because the
company can mobilize specialized workers, reconstruct damaged
property quickly, thereby limiting business interruption insurance
outlays.  Moody's expect that the company's scale will continue to
attract larger customers such as national retailers, property
owners or insurance companies, and grow market share; Moody's
anticipate organic revenues growing annually in the low to mid
single digit percentage range.  The rating acknowledges that large
natural disasters or other loss events could lead to occasional
spikes in revenues and cash flows.

Moody's believes that the company's operational efficiencies have
heavily stemmed from its small and effective executive team
(Belfor's majority owners) who drive an operating culture that
would probably be hard to sustain without their presence.
Therefore, the rating considers elevated key-person risk.

The rating envisions credit metrics remaining within the Ba3
rating range, as described in Moody's Global Business & Consumer
Service Industry Rating Methodology.  A focus on acquisitive
growth and a financial policy whereby a material portion of the
company's earnings are paid out in dividends constrains prospects
for metric improvement.

Liquidity profile adequacy also supports the rating.  Operating
cash flow should cover scheduled debt maturities, dividends, earn-
out payments and capital spending.  Good beginning financial ratio
covenant test headroom is a key support to the profile.  Moody's
anticipate that the $125 million revolver's beginning availability
level will not be large juxtaposed to the company's +$1 billion
revenue base, which constrains the profile's robustness.

Upward rating momentum would depend on expectation of debt to
EBITDA materially improving and being sustained at improved
levels.  Downward rating momentum would depend on material
weakening of metrics and/or a weakening liquidity profile.

Pursuant to Moody's Loss Given Default Methodology, and
considering Belfor's all first lien bank debt structure, a 65%
recovery of estimated liability claims were assumed in a stress
scenario, which drove the B1 probability of default rating, versus
the Ba3 corporate family rating.

Through its subsidiaries Belfor Holdings, Inc., is a global damage
recovery and restoration provider, offering its services to
insurance companies, insurance intermediaries, industrial,
commercial and residential customers.  Estimated 2010 revenues
were over $1 billion.


BERNARD L MADOFF: Trustee Sues Austrian Consultant for $1.1-Mil.
----------------------------------------------------------------
Bankruptcy Law360 reports that Irving Picard, the trustee
overseeing the liquidation of Bernard Madoff's former investment
firm, sued an Austrian consultant for $1.1 million in fees on
Friday in New York, saying he leaked Picard's tactics while
investigating the $19 billion claim against financier Sonja Kohn.

Law360 says Mr. Picard wants Ewald Weninger and his company, Ewald
Weninger Rechtsanwalts GmbH, to give back $810,000 in fees they
already received and forfeit an additional $270,000 more they are
owed.

                       About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP
as his counsel, and (iii) removed the SIPA Liquidation proceeding
to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of Feb. 18, 2011, a total of US$6.85 billion in claims by
investors has been allowed, with US$791.1 million to be paid by
the Securities Investor Protection Corp.  Investors are expected
to receive additional distributions from money recovered by
Mr. Picard from lawsuits or settlements.


BERNARD L MADOFF: Trustee Files Amended Complaint Against Sterling
------------------------------------------------------------------
Irving H. Picard, the Trustee for the liquidation of Bernard L.
Madoff Investment Securities LLC, on Friday unveiled the filing of
an amended complaint, in the United States Bankruptcy Court for
the Southern District of New York, against Sterling Equities, its
partners, their family members, and certain related trusts and
entities.

The amended complaint provides additional specific detail and
quantification of the alleged fraudulent transfers from BLMIS
received by the Sterling Defendants.

In addition to the approximately $300 million in fictitious
profits received by the Sterling Defendants cited in the original
complaint, the amended complaint states that the Trustee seeks
more than $700 million in alleged fraudulent transfers of
principal received by the Sterling Defendants, bringing the total
recoveries sought by the Trustee from the Sterling Defendants to
more than $1 billion.  The additional alleged fraudulent transfers
of principal occurred during the six years prior to the December
2008 commencement of the BLMIS liquidation proceeding and include
preferential transfers received by the Sterling Defendants within
the 90-day period prior to the filing date.

"The amended complaint sheds more light on the deep dependency of
the Sterling business organization on the continuation of the
Madoff fraud and certain knowledge of indicia of fraud by the
Sterling partners," said David J. Sheehan, Esq., counsel to the
Trustee and a partner at Baker & Hostetler LLP, the court-
appointed counsel for the Trustee.

"Perhaps the most telling evidence of Sterling's dependency on
Madoff is the fact that post-revelation of Madoff's fraud, the
Sterling partners were forced to negotiate with at least seven
lender banks, including Bank of America, JPMorgan Chase, Citibank,
HSBC, M&T, Wachovia, and Bank of New York, to restructure more
than a half-billion dollars in collective debt -- not just the
millions of dollars of debt secured by the Leveraged KW BLMIS
Accounts," said Fernando A. Bohorquez, Jr., Esq., counsel to the
Trustee and a partner at Baker & Hostetler LLP.

As described in the amended complaint, in the aftermath of the
discovery of the Madoff fraud, with full notice of the potential
liability to the Trustee faced by the Sterling Defendants,
Sterling and the Lender Banks entered into various restructuring
credit facilities containing certain provisions that attempted to
circumvent any potential recovery action initiated by the Trustee.

"The restructuring demonstrates both Sterling's and the Lender
Banks' serious concerns regarding potential recoveries by the
Trustee, and supports the Trustee's contention that the Sterling
Defendants were inextricably bound to the Madoff fraud," said Mr.
Bohorquez.

The amended complaint also provides additional substantiation of
the inter-dependent relationship between Sterling and BLMIS as
well as certain Sterling partners' knowledge of Mr. Madoff's
dishonesty in his investment advisory business.  For instance, the
amended complaint details a multi-million-dollar interest- and
cost-free bridge loan from Madoff to Sterling in connection with
its purchase of the broadcast rights for the New York Mets from
Cablevision.  This transaction was documented by a single letter
agreement that falsely described the loan as an "investment" by
Ruth Madoff in the company that would later become the SNY
network.

The Sterling complaint was initially filed under seal on Dec. 7,
2010 in the United States Bankruptcy Court for the Southern
District of New York.  The original complaint was unsealed on
Feb. 4, 2011.

In addition to Mr. Sheehan and Mr. Bohorquez, the Trustee
acknowledges the contributions of the Baker & Hostetler attorneys
who worked on this filing: Lauren Resnick, Kathryn Zunno, Steven
Goldberg, Amanda Fein, Keith Murphy, Marc Skapof, George Klidonas,
and Henry Bodenheimer.

                        About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP
as his counsel, and (iii) removed the SIPA Liquidation proceeding
to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of Feb. 18, 2011, a total of US$6.85 billion in claims by
investors has been allowed, with US$791.1 million to be paid by
the Securities Investor Protection Corp.  Investors are expected
to receive additional distributions from money recovered by
Mr. Picard from lawsuits or settlements.


BION ENVIRONMENTAL: Expects to Complete Farm Project by March 31
----------------------------------------------------------------
Bion Environmental Technologies, Inc., said that construction of
its initial Kreider Farm Project has proceeded on schedule and
will be largely completed by the end of the month.  The project is
now transitioning into the equipment testing and shakedown stage.

Bion's technical personnel and engineers are now working with
Primus Engineering, the Project's General Contractor, to establish
operational protocols and ensure a smooth transition to full
operations.  Based on the early startup of the bioreactor in
January, Bion estimates it will take only an additional 90 days to
fully stabilize the system biology to reach initial system startup
efficiencies.

At that time, monitoring and testing to verify the nitrogen and
phosphorus credits (already certified under Pennsylvania's
nutrient credit trading program) will commence.  Bion anticipates
that over the next year the system performance will continue to
improve beyond its initial startup efficiencies.

Construction photos taken at Kreider have been posted
periodically and can be viewed on the Bion PA Web site at
http://www.bionpa.com/photos

                   Employment & Other Agreements

On March 5, 2011 the Company executed a five year employment
agreement with James Morris, the Company's Chief Technology
Officer.  A copy of the agreement is available for free at
http://is.gd/IU6Klf

On March 1, 2011 the Company executed a two-year employment
agreement with John R. Grabowski who joins the Company as a
Director of Business Development.  A copy of the agreement is
available for free at http://is.gd/1K6w0Q

On March 8, 2011 the Company entered into a Clarification
Agreement with Kreider Farms, a copy of which is available for
free at http://is.gd/ShPu0B

                      About Bion Environmental

Crestone, Colo.-based Bion Environmental Technologies, Inc.
(OTC BB: BNET) -- http://biontech.com/-- has provided
environmental treatment solutions to the agriculture and livestock
industry since 1990.  Bion's patented next-generation technology
provides a unique comprehensive treatment of livestock waste that
achieves substantial reductions in nitrogen and phosphorus,
ammonia, greenhouse and other gases, as well as pathogens,
hormones, herbicides and pesticides.

The Company's balance sheet at December 31, 2010, showed
$3.5 million in total assets, $2.9 million in total liabilities,
$2.5 million in Series B Redeemable Convertible Preferred stock,
and a stockholders' deficit of $1.9 million.

As reported in the Troubled Company Reporter on September 27,
2010, GHP Horwath, P.C., in Denver, Colo., expressed substantial
doubt about Bion Environmental Technologies' ability to continue
as a going concern, following the Company's results for the fiscal
year ended June 30, 2010.  The independent auditors noted that the
Company has not generated revenue and has suffered recurring
losses from operations.


BLOCKBUSTER INC: Seeks Extension of Exclusivity Period
-------------------------------------------------------
BankruptcyData.com reports that Blockbuster Inc. filed with the
U.S. Bankruptcy Court a motion seeking to extend for the second
time the exclusive period that the Company can file a Chapter 11
Plan and solicit acceptances thereof through and including
Aug. 19, 2011, and Oct. 18, 2011, respectively.  The Debtors
requested more time to formulate a Chapter 11 plan following the
implementation of the bid procedures and the consummation of its
asset sale to Cobalt Video Holdco LLC.

The Court scheduled an April 21, 2011 hearing on the matter.  The
Court also signed a bridge order extending the exclusive period to
the date that the Court rules on the request.

                     About Blockbuster Inc.

Based in Dallas, Texas, Blockbuster Inc. (Pink Sheets: BLOKA,
BLOKB) -- http://www.blockbuster.com/-- is a global provider of
rental and retail movie and game entertainment.  It has a library
of more than 125,000 movie and game titles.

Blockbuster Inc. and 12 U.S. affiliates initiated Chapter 11
bankruptcy proceedings with a pre-arranged reorganization plan
in Manhattan (Bankr. S.D.N.Y. Case No. 10-14997) on Sept. 23,
2010.  It disclosed assets of $1 billion and debts of $1.4 billion
at the time of the filing.

Martin A Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the Debtors.  Rothschild
Inc. is the financial advisor.  Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

A steering group of senior secured noteholders is represented by
James P. Seery, Esq., and Paul S. Caruso, Esq., at Sidley Austin
LLP.  U.S. Bank National Association as trustee and collateral
agent for the senior secured notes is represented by David
McCarty, Esq., and Kyle Mathews, Esq., at Sheppard Mullin Richter
& Hampton LLP.  BDO Consulting is the financial advisor for U.S.
Bank.

Lenders led by Wilmington Trust FSB are providing the DIP
financing.  The DIP Agent is represented by Peter Neckles, Esq.
and Alexandra Margolis, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York.

The Official Committee of Unsecured Creditors has retained Cooley
LLP as its counsel.

Blockbuster's non-U.S. operations and its domestic and
international franchisees, all of which are legally separate
entities, were not included in the filings and are not parties to
the Chapter 11 proceedings.

In its latest monthly operating report filed with the
Bankruptcy Court, Blockbuster disclosed $1.066 billion in
assets, $422.2 million in liabilities not subject to compromise
and $1.165 billion in liabilities subject to compromise, and a
deficit of $533.8 million as of Nov. 28, 2010.


BLOCKBUSTER INC: Court Approves Asset Sale for $290 Million
-----------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
Blockbuster Inc.'s motion seeking approval of the sale of
substantially all of the Debtors' assets.  Blockbuster entered
into a stalking horse agreement with a group of investors, a newly
formed entity named Cobalt Video Holdco LLC for purchase of the
assets for $290 million.

                     About Blockbuster Inc.

Based in Dallas, Texas, Blockbuster Inc. (Pink Sheets: BLOKA,
BLOKB) -- http://www.blockbuster.com/-- is a global provider of
rental and retail movie and game entertainment.  It has a library
of more than 125,000 movie and game titles.

Blockbuster Inc. and 12 U.S. affiliates initiated Chapter 11
bankruptcy proceedings with a pre-arranged reorganization plan
in Manhattan (Bankr. S.D.N.Y. Case No. 10-14997) on Sept. 23,
2010.  It disclosed assets of $1 billion and debts of $1.4 billion
at the time of the filing.

Martin A Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the Debtors.  Rothschild
Inc. is the financial advisor.  Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

A steering group of senior secured noteholders is represented by
James P. Seery, Esq., and Paul S. Caruso, Esq., at Sidley Austin
LLP.  U.S. Bank National Association as trustee and collateral
agent for the senior secured notes is represented by David
McCarty, Esq., and Kyle Mathews, Esq., at Sheppard Mullin Richter
& Hampton LLP.  BDO Consulting is the financial advisor for U.S.
Bank.

Lenders led by Wilmington Trust FSB are providing the DIP
financing.  The DIP Agent is represented by Peter Neckles, Esq.
and Alexandra Margolis, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York.

The Official Committee of Unsecured Creditors has retained Cooley
LLP as its counsel.

Blockbuster's non-U.S. operations and its domestic and
international franchisees, all of which are legally separate
entities, were not included in the filings and are not parties to
the Chapter 11 proceedings.

In its latest monthly operating report filed with the
Bankruptcy Court, Blockbuster disclosed $1.066 billion in
assets, $422.2 million in liabilities not subject to compromise
and $1.165 billion in liabilities subject to compromise, and a
deficit of $533.8 million as of Nov. 28, 2010.


BLUEKNIGHT ENERGY: Incurs $23.79 Million Net Loss in 2010
---------------------------------------------------------
Blueknight Energy Partners, L.P., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K reporting a
net loss of $23.79 million on $152.62 million of total revenue for
the year ended Dec. 31, 2010, compared with a net loss of $16.50
million on $156.77 million of total revenue during the prior year.
The Company also reported a net loss of $13.19 million on $39.09
million of total revenue for the three months ended Dec. 31, 2010,
compared with a net loss of $5.64 million on $37.07 million of
total revenue for the same period during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed $323.84
million in total assets, $361.58 in total liabilities and $37.74
million in total partners' deficit.

"The significant progress we made in 2010 allows us to clearly
focus on growing the company and increasing future earnings.  From
a liquidity position, the Partnership begins the year with renewed
financial strength, solid commercial banking relationships and a
committed new partner -- Charlesbank Capital Partners," stated Mr.
James Dyer, Chief Executive Officer of the Partnership's general
partner.  Mr. Dyer continued, "Several key opportunities are ahead
of the Partnership in 2011.  We intend to devote considerable
attention to our pipeline gathering and transportation business
where we see opportunities to increase utilization and develop
organic bolt-on projects.  We will continue to invest in our
transportation infrastructure, adding to our fleet of crude oil
transport and field service vehicles to address customer demand
stemming from increased domestic crude oil production.  In
addition, Vitol, along with Charlesbank, have created a new entity
intended to "incubate" and develop new-build projects and selected
acquisitions.  These new projects may be offered to the
Partnership once they produce cash flow."

In October 2010, the Partnership refinanced its outstanding debt
and concurrently raised capital through the issuance of additional
partnership units.  This resulted in decreased leverage, reduced
interest rates on outstanding borrowings and increased liquidity.
Based on these events and the Partnership's current assessment of
ongoing litigation, the Partnership believes there is no longer
substantial doubt about the Partnership's ability to continue as a
going concern for the next 12 months as previously disclosed in
the Partnership's 2009 Form 10-K.

A full-text copy of the Annual Report is available for free at:

                        http://is.gd/puIhru

                      About Blueknight Energy

Blueknight Energy Partners, L.P. (Pink Sheets: BKEP)
-- http://www.bkep.com/-- provides integrated terminalling,
storage, processing, gathering and transportation services for
companies engaged in the production, distribution and marketing of
crude oil and asphalt product. It provides services for the
customers, and its only inventory consists of pipeline linefill
and tank bottoms necessary to operate the assets. It has three
operating segments: crude oil terminalling and storage services,
crude oil gathering and transportation services, and asphalt
services.


BORDERS GROUP: Wins Final Nod to Continue Insurance Programs
------------------------------------------------------------
The Bankruptcy Court authorized Borders Group Inc. and its units,
on a final basis, to:

  (1) pay, in their sole discretion, all insurance obligations,
      including without limitation, all premiums, claims,
      deductibles, administrative fees and expenses, brokers'
      fees, and all other costs, charges, and obligations
      arising under the Insurance Policies, including those
      Insurance Obligations that were or become due and payable
      before or after the Petition Date;

  (2) maintain their Insurance Policies without interruption,
      on the same basis, and in accordance with the same
      practices and procedures that were in effect prior to the
      Petition Date;

  (3) renew their Insurance Policies or obtain replacement
      coverage, as needed, in the ordinary course of business;

  (4) enter into postpetition premium financing agreements or
      PFAs related to the Insurance Policies and new insurance
      policies, as needed, in the ordinary course of business;

  (5) pay AFCO Premium Credit LLC all sums due pursuant to the
      AFCO PFA, a schedule of which is available for free at:

       http://bankrupt.com/misc/Borders_AFCOOwedAmts.pdf

  (6) maintain and administer their Workers' Compensation
      Programs in the ordinary course of business and honor and
      pay all claims and other related costs and expenses
      related, whether arising before or after the Petition
      Date.

The Debtors' banks are authorized and directed to receive, honor,
process, and pay, to the extent of funds on deposit, any and all
checks or electronic transfers drawn on the Debtors' bank
accounts relating to the Insurance Obligations, including those
checks or electronic transfers that have not been cleared by the
Banks as of the Petition Date.

Nothing in the Court's order or the Debtors' Motion will be
construed as prejudicing the rights of the Debtors to dispute the
amount of or basis for any claims against the Debtors in
connection with the Debtors' Insurance Policies.  To the extent
any Insurance Program or any related contract is deemed an
executory contract within the meaning of Section 365 of the
Bankruptcy Code, neither the order nor any payments made in
accordance with the Final Order will constitute the postpetition
assumption of any Insurance Program, contract or related
agreement pursuant to Section 365, Judge Glenn added.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BORDERS GROUP: Wins Final Nod to Pay Prepetition Taxes
------------------------------------------------------
Judge Martin Glenn authorized Borders Group Inc. and its
affiliates, on a final basis, to pay all prepetition taxes and
assessments to all taxing authorities that are determined (i)
presently to be owed or assessed, or (ii) at a time subsequent to
the entry of the Court's order to be owed and assessed.

The Debtors are also authorized to make payments due and owing to
third party administrators in connection with the assessment of
taxes and to continue those payments in the ordinary course of
business.

The Debtors' banks are authorized and directed to receive, honor,
process, and pay, to the extent of funds on deposit, any and all
checks or electronic transfers drawn on the Debtors' Bank
Accounts relating to the Taxes and Assessments, including those
checks or electronic transfers that have not been cleared by the
Banks as of the Petition Date.

The Debtors are directed to immediately serve via first class
mail the Final Prepetition Taxes Order on the Taxing Authorities.

Nothing in the Final Prepetition Taxes Order or the Debtors'
Motion waives or releases any rights the Debtors have to contest
the amount of or basis for any Taxes and Assessments allegedly
due any Taxing Authority, Judge Glenn held.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BORDERS GROUP: Has Okay to Pay Prepetition Vendor Obligations
-------------------------------------------------------------
The Bankruptcy Court authorized Borders Group and its units, on a
final basis, to make payments with respect to all valid,
undisputed Distribution Network Vendor Claims and Miscellaneous
Lien Claims, whether relating to the period before or after the
Petition Date, as they determine to be necessary or appropriate to
obtain the release of Retail Goods or liens against their real or
personal property.

All applicable banks are authorized and directed, at the Debtors'
instruction, to receive, honor, process, and pay, to the extent
of funds on deposit, any and all checks or electronic transfers
drawn on the Debtors' bank accounts relating to the Distribution
Network Vendor Claims or Miscellaneous Lien Claims, including
those checks or electronic transfers that have been not cleared
by the Banks as of the Petition Date.

The Debtors are authorized to pay all prepetition accrued but
unpaid service and administrative fees due to third party vendor
Interstate Freight, Inc., and to continue those payments in the
ordinary course postpetition.

Nothing in the Court's Final Order will be construed as
prejudicing the rights of the Debtors to dispute or contest the
amount of or basis for any claim against the Debtors arising in
connection with, or relating to, the Distribution Network Vendor
Claims or Miscellaneous Lien Claims, Judge Glenn held.

Likewise, nothing contained in the Debtors' Motion or the Final
Order will be deemed: (i) an assumption, adoption, authorization
to assume, or rejection of any executory contract or agreement
between the Debtors and any third party pursuant to Section 365
of the Bankruptcy Code; (ii) a requirement that the Debtors make
any of the payments authorized; or (iii) a waiver of the Debtors'
rights under the Bankruptcy Code or any other applicable law.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BORDERS GROUP: Lease Decision Period Extended Until Sept. 14
------------------------------------------------------------
Judge Martin Glenn extended Borders Group Inc. and its units' time
to assume or reject unexpired non-residential real property
leases, through and including the earlier of (i) the effective
date of a plan of reorganization, or (ii) Sept. 14, 2011.

The extension, however, does not apply to the Debtors' 200
closing stores, a list of which is available for free at:

   http://bankrupt.com/misc/Borders_ClosingStores.pdf

Judge Glenn also authorized the Debtors to enter into
stipulations with landlords of unexpired leases, which consent to
extend the time for Debtors to assume or reject those Unexpired
Leases in accordance with Section 365(d)(4) of the Bankruptcy
Code.  Upon filing with the Court, those stipulations will
automatically become final 10 days after, absent any timely
objections filed.  The Period Extensions provided for in each
Stipulation filed with the Court are granted pursuant to Section
365(d)(4)(B)(ii).

Judge Glenn clarified that the inclusion of an agreement or a
party to the list of Unexpired Leases to the Lease Decision
Extension Motion will not constitute an admission by the Debtors
that the agreement, or any agreement with that party, is an
Unexpired Lease within the meaning of Section 365 of the
Bankruptcy Code, or that it is necessarily a binding and
enforceable contract.

The Debtors also retain the right to identify additional parties
to non-residential real property leases, and any of those parties
and leases will be subject to the terms of the Court's order,
notwithstanding the fact that the party or lease was not
previously listed in the Unexpired Leases schedule, Judge Glenn
ruled.

Nothing in the Court's recent ruling impairs the ability of (i)
the Debtors or appropriate party-in-interest to contest any claim
of any creditor pursuant to applicable law or otherwise dispute,
contest, setoff, or recoup any claim, or assert any rights,
claims or related defenses; and (ii) a landlord from seeking
relief from the extension granted based on facts arising after
the date of the Court order.

As of March 14, 2011, the objections of First Interstate Mentor
Centers, L.P. and Ledgewood Equities, LLC; Macerich Company, et
al.; Coventry Retail, L.P.; Camino Real Limited Liability
Company; Westfield, LLC; Simon Property Group, Inc.; and
TigrisWoods, LLC have been consensually resolved, counsel to the
Debtors, David M. Friedman, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, notified the Court.  He added that the
Debtors attempted to resolve the remaining objections prior to
the March 15, 2011, hearing.

                          *     *     *

In a related development, the Debtors continue to negotiate with
their landlords for rent concessions, Greta Guest of The Detroit
Free Press reported.

The report noted that Borders has 633 store leases to renegotiate
and would be closing 75 more stores.  Border is using the store
closing as leverage to bring rents down, Ms. Guest related.

While a number of landlords opposed the Debtors' request to
extend their deadline to assume or reject unexpired leases,
certain landlords believe the extension will help the Debtors to
refine their restructuring options with respect to their lease
portfolio and express openness to negotiate with the Debtors, The
Detroit Free Press noted.

Paul Magy, Esq., counsel to 28 landlords, commented that how
Borders handles its leases with have a lot to do with whether it
can survive post-Chapter 11, The Detroit Free Press relayed.
"They have to look to the future and figure how to compete after
bankruptcy," Mr. Magy said, according to the report, adding,
"they are using the time and process that bankruptcy affords to
refine that idea and then propose it."

Chuck Miller, president of Chuck Miller Development, said he is
willing to work something out with Borders, but he would need
lender's approval before making any concessions, The Detroit Free
Press added.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BORDERS GROUP: Wins Approval to Hire Kasowitz as Bankr. Counsel
---------------------------------------------------------------
The Bankruptcy Court granted Borders Group authority to employ
Kasowitz, Benson, Torres & Friedman LLP as their bankruptcy
counsel.

Before the entry of the Court's ruling, David M. Friedman, Esq.,
a partner at Kasowitz, Benson, Torres & Friedman LLP, filed a
supplemental declaration to disclose that his firm represents
Verizon Wireless, an affiliate of one of the Debtors' utility
providers, in matters unrelated to the Debtors' Chapter 11 cases.
The amount billed in 2010 to Verizon is well below 1% of Kasowitz
Benson's annual revenue for that year, and the same will be true
for 2011, he said.  He assured the Court that the Verizon
representation is in no way adverse, or even related, to the
Debtors, and that the firm remains a "disinterested person" as
defined under Section 101(14) of the Bankruptcy Code.

As the Debtors' counsel, Kasowitz Benson will:

  (a) render assistance and advice, and represent the Debtors
      with respect to the administration of these cases and
      oversight of the Debtors' affairs, including all issues
      arising from or impacting the Debtors or the Chapter 11
      cases;

  (b) take all necessary actions to protect and preserve the
      Debtors' estates during the administration of these
      Chapter 11 cases, including prosecuting actions by the
      Debtors, defending actions commenced against the Debtors,
      negotiating, and objecting, where necessary, to claims
      filed against the Debtors' estates;

  (c) assist the Debtors in maximizing the value of their assets
      for the benefit of all creditors, including, without
      limitation, in connection with assumption or rejection of
      executory contracts and unexpired leases;

  (d) pursue confirmation of a joint plan of reorganization or
      liquidation and approval of an associated disclosure
      statement;

  (e) prepare, on behalf of the Debtors, necessary applications,
      motions, answers, orders, reports and other legal papers;

  (f) appear in Court and representing the interests of the
      Debtors; and

  (g) perform all other legal services for the Debtors that
      are appropriate, necessary and proper in these Chapter 11
      cases.

The Debtors will pay Kasowitz Benson professionals according to
the firm's customary hourly rates:

       Title                         Rate per Hour
       -----                         -------------
       Partners                     $550 to $1,000
       Special Counsel                $525 to $750
       Associates                     $250 to $675
       Staff Attorneys                $235 to $390
       Paralegals                     $135 to $225

Kasowitz Benson's principal attorneys designated to represent the
Debtors and their current standard hourly rates are:

       Title                         Rate per Hour
       -----                         -------------
       David M. Friedman                   $950
       David S. Rosner                     $875
       Andrew K. Glenn                     $800
       Jeffrey R. Gleit                    $640
       Alan Lungen                         $610
       Daniel Fliman                       $525
       Michele Angell                      $360
       Julia A. Balduzzi                   $250
       Simone Lelchuk                      $275

Other Kasowitz Benson attorneys and paralegals may from time to
time serve the Debtors in connection with this engagement.

The Debtors will also reimburse Kasowitz Benson for the necessary
and actual expenses incurred by the firm in relation to its
engagement.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BORDERS GROUP: Court OKs Hiring of Ordinary Course Professionals
----------------------------------------------------------------
Judge Martin Glenn authorized Borders Group to employ, nunc pro
tunc to the Petition Date, 24 ordinary course professionals, a
list of which is available for free at:

    http://bankrupt.com/misc/Borders_ApprovedOCPList.pdf

The Court also approved proposed procedures to govern the
retention of the OCPs.

Every 90 days commencing from March 15, 2011, the date of entry
of the Court's OCP order, the Debtors are required to file with
the Court a statement, and serve the statement on the reviewing
parties, specifying: (a) the name of the OCP, (b) for each month
during the relevant period, the amounts paid as fees for services
rendered and as reimbursement of expenses incurred by the OCP,
and (c) the aggregate amount paid to date to the OCP.  The first
statement is due on June 13, 2011.

The Debtors reserve the right to seek to amend the monthly
compensation limitations set forth in the OCP order upon notice
and hearing.

Judge Glenn clarified that the OCP Order does not apply to any
professional retained by the Debtors pursuant to a separate order
of the Court.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BORDERS GROUP: AP Services' Holly Etlin Now Sr. VP
--------------------------------------------------
Pursuant to a supplement filed with respect to their application
to employ AP Services LLC as crisis managers, Borders Group
informed the Bankruptcy Court that they appointed Holly Felder
Etlin as senior vice president for restructuring, replacing Ken
Hiltz, on Feb. 18, 2011.

Ms. Etlin's appointment as SVR is set forth in an amendment to
the APS engagement letter dated Feb. 23, 2011, a copy of
which is available for free at:

     http://bankrupt.com/misc/Borders_AP1stAmndmnt.pdf

Borders Group, Inc. Chief Financial Officer Scott Henry notes
that other than the appointment of Ms. Etlin as SVR, each of the
terms and conditions of APS' proposed employment by the Debtors
pursuant to the APS Application remains the same.

Ms. Etlin, a managing director of AlixPartners, LLP --
hetlin@alixpartners.com -- filed a supplemental declaration to
make these disclosures:

  * A current AlixPartners employee has a relative that is a
    replenishment analyst with the Debtors.

  * Agree Development Company, a landlord to the Debtors, is a
    former AlixPartners clients in matters unrelated to the
    Debtors.

  * Charles Letts, a creditor of the Debtors, is the previous
    employer of a current AlixPartners employee.

  * Cincinnati Bell, a utility provider to the Debtors, is a
    current AlixPartners client in matters unrelated to the
    Debtors.

  * HarperCollins Publishers, a creditor and vendor to the
    Debtors, is a vendor to AlixPartners.

  * Rosetta Stone Ltd., a creditor to the Debtors, is a vendor
    to AlixPartners.

  * YRC, a vendor to the Debtors, is a related party to a former
    AlixPartners client in matters unrelated to the Debtors.  An
    affiliate, YRC Worldwide, is a vendor to AlixPartners.

Despite the disclosures made, Ms. Etlin maintains that AP
Services remains a "disinterested person" as the term is defined
under Section 101(14) of the Bankruptcy Code.

The Debtors filed with the Court a revised proposed order
reflecting Ms. Etlin's appointment, a copy of which available for
free at http://bankrupt.com/misc/Borders_APRevPropOrd.pdf

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BORDERS GROUP: Gets Go-Signal to Tap Dickinson as Special Counsel
-----------------------------------------------------------------
Borders Group and its units won the Bankruptcy Court's permission
to employ Dickinson Wright PLLC as their special counsel nunc pro
tunc to the Petition Date.

The Debtors seek to employ Dickinson Wright with respect to:

  (a) day-to-day vendor, supplier, leasing and other types of
      commercial matters generally related to maintaining
      continuity of supply of goods/services and use of
      facilities; and

  (b) preparation, prosecution, protection and litigation of
      trademark and intellectual property rights.

The Debtors will pay Dickinson Wright's professionals according
to the firm's customary hourly rates ranging from $185 to $550
per hour.  The specific Dickinson Wright attorneys who will be
engaged in the Debtors' Chapter 11 cases and their customary
hourly rates are:

        Attorney                    Rate per Hour
        --------                    -------------
        Michael C. Hammer              $440
        Kristi A. Katsma               $370
        Doron Yitzchaki                $220
        Samuel Littlepage              $495
        Nicole Meyer                   $365

The Debtors will also reimburse Dickinson Wright for the firm's
reasonable and necessary expenses incurred.

Mr. Hammer, Esq., a member at Dickinson Wright --
mhammer@dickinsonwright.com -- disclosed that his firm is owed
$2,372 for prepetition services.  Dickinson Wright has agreed to
waive these fees and expenses in connection with its retention in
the Debtors' Chapter 11 cases, he said.

In a supplemental declaration, Mr. Hammer said Dickinson Wright
represents these parties in matters unrelated to the Debtors'
Chapter 11 cases:

  * Various UBS subsidiaries in unrelated municipal finance
    matters

  * Bank of America, N.A. in unrelated banking and finance
    matters

  * JPMorgan Chase, N.A. in unrelated banking and finance
    matters

  * Wells Fargo Bank, N.A. and Wells Fargo Business Credit, Inc.

Mr. Hammer said the Debtors and those entities are neither
adverse nor potentially adverse to each other with respect to the
matters for which Dickinson Wright is to be employed.

Notwithstanding these representations, Mr. Hammer maintains that
Dickinson Wright is a "disinterested person" as the term is
defined under Section 101(14) of the Bankruptcy Code.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BOSQUE POWER: Wants Case of Non-Reorganizing Debtors Dismissed
--------------------------------------------------------------
Bosque Power Company LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Western District of Texas to dismiss the
Chapter 11 bankruptcy case of Bospower Development LLC, Bospower
Development Blocker I Inc., and Bospower Development Blocker II
Inc.

A hearing is set for April 5, 2011, at 2:00 p.m., in Courtroom
160, 800 Franklin Avenue in Waco, Texas, to consider approval of
the Debtors' request.

On Oct. 7, 2010, the Court entered confirmed the prepetition
agent's and the required lenders' first amended joint plan of
reorganization for Bosque Power Company LLC, Fulcrum Marketing and
Trade LLC, and BosPower Partners LLC.  The Plan does not propose
to reorganize Bospower Development LLC, Bospower Development
Blocker I Inc., and Bospower Development Blocker II Inc.  The
conditions to consummation of the Plan occurred on Feb. 4, 2011.

According to the Debtors, the non-reorganizing Debtors' Chapter 11
cases were filed only because a pledge of each of their equity
interests in Partners secured certain letter of credit support for
payment obligations of Debtor Fulcrum Marketing and Trade to
Debtor Bosque Power Company LLC under an International Swaps and
Derivatives Association Inc. Master Agreement dated Oct. 23, 2008,
pursuant to which BPC and FMT entered into one or more hedging
transactions.  However, none of the non-reorganizing Debtors has
any assets or liabilities.

                        About Bosque Power

Laguna Park, Texas-based Bosque Power Company, LLC, owns and
operates a natural gas fired power plant with a capacity of 800
megawatts.  The power-generating facility, located in Laguna Park,
commenced operations as a natural-gas power plant in 2000. Bosque
sells its energy and ancillary services in the Texas power market.
Bosque Power Partners owns 100% of the membership interest in
Bosque Power.

Bosque Power filed for Chapter 11 protection in Waco, Texas
(Bankr. W.D. Tex. Case No. 10-60348).  Affiliate BosPower
Development, BosPower Development Blocker I, BosPower Development
Blocker II, BosPower Partners and Fulcrum Marketing and Trade also
sought bankruptcy protection.

Jeff J. Marwil, Esq., Peter J. Young, Esq., and Grayson T. Walter,
Esq., at Proskauer Rose LLP, in Chicago, Illinois, serve as the
Debtors' counsel.  Henry J. Kaim, Esq., at King & Spalding LLP,
serves as bankruptcy co-counsel to the Debtors.  The Debtors also
tapped Morgan, Lewis & Bockius LLP as special corporate counsel;
Greenhill & Co. LLC as financial advisor; and Kurtzman Carson
Consultants LLC as claims agent.


BROWN PUBLISHING: Former Executives Seek to $2.9MM in Back Pay
--------------------------------------------------------------
New Carlisle News reports that three executives of Brown
Publishing Co., former owners of the New Carlisle Sun, are asking
the U.S. District Court for the Eastern District of New York to
approve $2.9 million in severance packages and back pay from the
bankrupted company.

According to the report, former president and CEO Roy Brown claims
the company owes him three years of his annual $400,000 salary and
$83,000 in deferred salary prior to the bankruptcy filing and
subsequent reorganization in 2010.  Former vice president Joel
Dempsey demands $1.086 million, while chief financial officer
Joseph Ellingham is asking for $525,800.

Judge Dorothy T. Eisenberg has scheduled a hearing date for
May 17, 2011, to consider the request.

                        About Brown Publishing

Headquartered in Cincinnati, Ohio, The Brown Publishing Company
owned business publications in Ohio, Utah, Texas, South Carolina,
New York, and Iowa.  The Company filed for Chapter 11 bankruptcy
protection on April 30, 2010 (Bankr. E.D.N.Y. Case No. 10-73295).
Edward M. Fox, Esq., at K&L Gates LLP, assists the Company in its
restructuring effort.  The Company estimated $10 million to
$50 million in assets and debts in its Chapter 11 petition.

The Bankruptcy Court approved in September 2010 the sale of most
Brown Publishing's assets to Ohio Community Media LLC, which was
formed by the Company's lenders, for about $21.8 million.  The
judge also approved sale of Brown Publishing's New York newspaper
group, Dan's Papers Inc., to Dan's Papers Holdings LLC for about
$1.8 million.


CAPITAL HOME: Wins Interim Authority to Use MB Cash Collateral
--------------------------------------------------------------
Capital Home Sales, LLC, won interim authority to use the cash
collateral securing its obligations to MB Financial Bank, NA,
pursuant to a budget.

On May 31, 2009, the Debtor and M.B. entered into an Amended,
Restated and Consolidated Loan and Security Agreement, to secure
an Amended, Restated and Consolidated Revolving Note executed by
the Debtor in favor of M.B. in the principal amount of $25
million.  As of the Petition Date, M.B. asserts the total amount
due and owing to M.B. was approximately $21,566,048.

In exchange for using cash collateral, the Debtor proposes to
grant M.B. postpetition replacement liens to the same extent and
with the same priority held prepetition on the Collateral and all
postpetition property of the Debtor of the type or kind
substantially equivalent to the Collateral.  The Debtor will
maintain adequate property insurance on the manufactured homes
listing M.B. as a lienholder where applicable.

Pursuant to the Interim Order, the Debtor is authorized and
directed to deposit all Cash Collateral in certain blocked
accounts, and prior to the Termination Date, the Debtor is
authorized to use Cash Collateral to the extent required to pay
those expenses identified in the Budget up to $41,538.

Without further Court order, the Debtor may direct (i) all tenants
of manufactured homes encumbered by M.B., and (ii) all purchasers
of manufactured homes financed by M.B., to make payments for all
periods from December 8, 2010, through February 28, 2011, directly
into the Blocked Accounts or other accounts satisfactory to M.B.

The Court will hold a hearing to consider the Debtor's use of the
cash collateral on a final basis, on April 5, 2011.  A full-text
copy of the Interim Order, including the Budget, is available at:

http://bankrupt.com/misc/capitalhomeMBcashcollinterimorder.pdf

                       About Capital Home

Portland, Oregon-based Capital Home Sales, LLC -- dba Falcon
Financial, LLC; Kestral Financial, LLC; Emerald Financial, LLC;
Teal Financial, LLC; Harrier Financial, LLC; Goshawk Financial,
LLC; Heron Financial, LLC; Wigeon Financial, LLC; Kestral Onel,
LLC; Kestral Rentals; Wigeon Rentals; and Goshawk Rentals --
started as a series of individual companies that performed sales
and rental functions for particular manufactured home communities,
which communities were often related affiliates of the Company.
The Company conducts the foregoing business operation of
purchasing, selling, leasing and financing homes.

The Company filed for Chapter 11 bankruptcy protection on Dec. 8,
2010 (Bankr. N.D. Ill. Case No. 10-54387).  Gregory K. Stern,
Esq., at Gregory K. Stern, P.C., serves as the Company's counsel.
The Company estimated its assets at $50 million to $100 million
and debts at $10 million to $50 million.


CAPITAL HOMES: Court Approves Baldi Berg as Attorney
----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
authorized Capital Home Sales LLC to employ Baldi Berg & Wallace,
Ltd. as its attorneys.

The firm will, among others:

   a) advise the Debtor of its rights, powers and duties as debtor
      and debtor in possession, including those with respect to
      the continued operation and management of its business and
      property;

   b) advise and assist the Debtor in negotiation and
      documentation of financing agreements, cash collateral
      orders, and related transactions;

   c) conduct investigations into the nature and validity of liens
      asserted against the Debtor's property and advising the
      Debtor concerning the enforceability of the liens;

   d) advise the Debtor in taking such action as may be necessary
      to recover, in accordance with applicable law, property for
      the benefit of this estate; and

   e) advising the Debtor in taking such action as may be
      necessary to preserve, sell or lease property of this estate
      in accordance with applicable law and the preparation or
      review of any leases, purchase agreements or related
      documentation.

The firm's professionals and their hourly rates:

      Professionals           Designations    Hourly Rates
      -------------           ------------    ------------
      Joseph A. Baldi, Esq.   Partner            $425
      Donna B. Wallace, Esq.  Partner            $325
      Elizabeth C. Berg, Esq. Partner            $275
      Julia D. Loper, Esq.    Contract attorney  $200
      Ricki Podorovsky        Paralegal          $190
      Alex Dragonetti         Clerk               $55

The Debtors assured the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                       About Capital Home

Portland, Oregon-based Capital Home Sales, LLC -- dba Falcon
Financial, LLC; Kestral Financial, LLC; Emerald Financial, LLC;
Teal Financial, LLC; Harrier Financial, LLC; Goshawk Financial,
LLC; Heron Financial, LLC; Wigeon Financial, LLC; Kestral Onel,
LLC; Kestral Rentals; Wigeon Rentals; and Goshawk Rentals --
started as a series of individual companies that performed sales
and rental functions for particular manufactured home communities,
which communities were often related affiliates of the Company.
The Company conducts the foregoing business operation of
purchasing, selling, leasing and financing homes.

The Company filed for Chapter 11 bankruptcy protection on
December 8, 2010 (Bankr. N.D. Ill. Case No. 10-54387).  Gregory K.
Stern, Esq., at Gregory K. Stern, P.C., serves as the Company's
counsel.  The Company estimated its assets at $50 million to
$100 million and debts at $10 million to $50 million.


CAPITAL SHORES: Bankruptcy Filing Blocks Bank's Foreclosure Action
------------------------------------------------------------------
Matt Batcheldor at The Olympian reports that Capital Shores
Investments LLC, which includes local developer Tri Vo, filed for
Chapter 11 protection, forestalling a foreclosure auction on two
isthmus properties -- 505 and 529 Fourth Ave. W. -- by First
Citizens Bank & Trust Co.  The bank said the company is in default
on loans.

According to the report, Terrence J. Donahue of Eisenhower &
Carlson of Tacoma, the trustee in the matter, said the foreclosure
auction has been postponed until April 22.  But he noted that a
sale cannot occur while a bankruptcy is pending.  The report
relates that, although no auction took place, the minimum bid for
the property at 529 Fourth Ave. W. was set at $1,343,100 and for
the property at 505 Fourth Ave. W. at $686,750.

Capital Shores borrowed from Venture Bank, a South Sound bank last
based in DuPont that failed in 2009.  The Federal Deposit
Insurance Corp. sold the bank to First Citizens Bank of Raleigh,
N.C., which assumed Capital Shores' obligation.

Capital Shores Investments LLC operates a development company that
proposed high-end condominiums.


CAPMARK FINANCIAL: Court OKs Sale of Non-Loan Assets
----------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
Capmark Financial Group's motion for an order authorizing (I) the
transfer of substantially all non-loan assets in the Debtors' New
Markets Tax Credit business platform to newly-formed, special
purpose Delaware limited liability companies Greenline Investments
LLC, and Greenline Community Ventures LLC, (II) the sale of
substantially all loan assets in the New Markets Tax Credit
business to U.S. Bancorp Community Development Corporation and
U.S. Bancorp Community Investment Corporation, for a cash payment
of approximately $74.1 million at closing, and (III) the
settlement of claims arising from and related to Debtors' New
Markets Tax Credit business.

                      About Capmark Financial

Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- provides financial services to
investors in commercial real estate-related assets.  Capmark has
three core businesses: lending and mortgage banking, investments
and funds management, and servicing.  Capmark operates in North
America, Europe and Asia.  Capmark has 1,000 employees located in
37 offices worldwide.

On Oct. 25, 2009, Capmark Financial and certain of its
subsidiaries filed voluntary petitions for relief under Chapter 11
(Bankr. D. Del. Lead Case No. 09-13684).  Capmark disclosed assets
of US$20 billion against total debts of US$21 billion as of
June 30, 2009.

Capmark's financial advisors are Lazard Freres & Co. LLC and
Loughlin Meghji + Company.  Capmark's bankruptcy counsel is Dewey
& LeBoeuf LLP.  Richards, Layton & Finger, P.A., serves as local
counsel.  Beekman Advisors, Inc., is serving as strategic advisor.
KPMG LLP is tax and accounting advisor.  Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

The Official Committee of Unsecured Creditors in Capmark Financial
Group Inc.'s cases tapped Kramer Levin Naftalis & Frankel LLP as
its counsel and JR Myriad LLC as its commercial real estate
business advisors.  The Committee also retained Cutler Pickering
Hale and Dorr LLP as its attorneys for the special purpose of
providing legal services in connection with Federal Deposit
Insurance Corporation matters.

Protech Holdings C LLC, an affiliate of Capmark, filed for
Chapter 11 protection on July 29, 2010 (Bankr. D. Del. Case No.
10-12387).  The Debtor estimated assets and debts in excess of
$1 billion as of the filing date.

Since filing for Chapter 11, Capmark completed three sales to
generate more than $1 billion in cash.  Berkshire Hathaway Inc.
and Leucadia National Corp. bought most of the business for
$468 million.


CARPENTER CONTRACTORS: U.S. Trustee Won't Form Creditors Panel
--------------------------------------------------------------
The U.S. Trustee for Region 21 notified the U.S. Bankruptcy Court
for the Southern District of Florida that until further notice,
he will not appoint a committee of creditors in the Chapter 11
case of Carpenter Contractors of America, Inc.

Pompano Beach, Florida-based Carpenter Contractors of America,
Inc., dba R&D Thiel, filed for Chapter 11 bankruptcy protection on
Oct. 25, 2010 (Bankr. S.D. Fla. Case No. 10-42604).  Chad P.
Pugatch, Esq., serves as the Debtor's bankruptcy counsel, and Shaw
Gussis Fishman Glantz Wolfson & Towbin LLC, served as special
counsel.  Thomas Santoro and GlassRatner Advisory & Capital Group,
LLC, is the Debtor's as financial advisor, and Scott L. Spencer,
CPA and Crowe Horwath, LLP is the Debtor's accountant for audit
work.

The Debtor disclosed $42,900,573 in assets and $25,861,652 in
liabilities as of the Chapter 11 filing.


CATALYST PAPER: Posts C$398.2 Million Net Loss in 2010
------------------------------------------------------
Catalyst Paper Corporation filed on March 15, 2011, its 2010
Annual Report with the U.S. Securities and Exchange Commission.

The Company posted a net loss of C$398.2 million on sales of
C$1.229 billion during 2010.  The Company's net loss in 2009 was
C$5.6 million on sales of C$1.224 billion.

The Company's balance sheet at Dec. 31, 2010, showed
C$1.696 billion in total assets, C$1.293 billion in total
liabilities, and stockholders' equity of C$403.4 million.

A full-text copy of the 2010 Annual Report is available for free
at http://researcharchives.com/t/s?7568

Catalyst Paper -- http://www.catalystpaper.com/-- manufactures
diverse specialty mechanical printing papers, newsprint and pulp.
Its customers include retailers, publishers and commercial
printers in North America, Latin America, the Pacific Rim and
Europe.  With four mills, located in British Columbia and Arizona,
Catalyst has a combined annual production capacity of 1.9 million
tons.  The Company is headquartered in Richmond, British Columbia,
Canada and its common shares trade on the Toronto Stock Exchange
under the symbol CTL.

                          *     *     *

Catalyst Paper carried Moody's Investors Service's 'Caa1'
corporate family rating.  Outlook in Negative.  The Company also
carries Standard & Poor's CCC+ long-term corporate credit rating,
Outlook is Stable.


CB HOLDING: Auction on Charlie Brown's Outlets Set for April 6
--------------------------------------------------------------
CourierPostOnline.com reports that an affiliate of Praesidian
Capital Opportunity Fund II-A LP has offered to pay $5.2 million
to purchase all 20 Charlie Brown's Steakhouses including 17 in New
Jersey from the restaurant's bankrupt parent company.

According to the report, the bid appears to be the starting point
in an auction scheduled for April 6, 2011.  If Praesidian is the
winning bidder, it isn't clear what its plans are.  The company
declined to comment.

                         About CB Holding

New York-based CB Holding Corp. operated 20 Charlie Brown's
Steakhouse, 12 Bugaboo Creek Steak House, and seven The Office
Beer Bar and Grill restaurants when it filed for bankruptcy
protection.  The Company closed 47 locations before filing for
Chapter 11.

CB Holding sold off its The Office restaurant chain and 12 Bugaboo
Creek stores in separate auctions.  Villa Enterprises Ltd. won the
bidding for The Office chain with its $4.68 million.  RRGK LLC
acquired the 12 Bugaboo Creek stores for $10.05 million, more than
tripling the $3.175 million first bid from an affiliate of
Landry's Restaurants Inc.

CB Holding and its affiliates filed for Chapter 11 bankruptcy
protection on Nov. 17, 2010 (Bankr. D. Del. Case No. 10-13683).
Christopher M. Samis, Esq., and Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., assist the Debtors in their
restructuring effort.  The Garden City Group, Inc., is the
Debtors' notice, claims and solicitation agent.  Jeffrey N.
Pomerantz, Esq., Jason S. Pomerantz, Esq., and Bradford J.
Sandler, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the
Official Committee of Unsecured Creditors.  CB Holding estimated
its assets at $100 million to $500 million and debts at
$50 million to $100 million.

                           *     *     *

According to the Troubled Company Reporter on Feb. 11, 2011, CB
Holding received an order from Bankruptcy Judge Mary Walrath
extending its exclusive periods to file and secure support for a
Chapter 11 plan.  The exclusive time for the Debtor to file a plan
of reorganization has been extended to June 15.  The Debtor has
until Aug. 12 to solicit support for the plan.  The order is
without prejudice for a request by the Debtor for another
extension.


CCM MERGER: S&P Assigns 'B+' Rating on $635 Mil. Credit Loan
------------------------------------------------------------
Standard & Poor's Ratings Services assigned Detroit, Mich.-based
CCM Merger Inc.'s $635 million credit facility its 'B+' issue-
level rating (one notch higher than the 'B' corporate credit
rating on the company).  S&P also assigned this debt a recovery
rating of '2', indicating its expectation of substantial (70% to
90%) recovery for lenders in the event of a payment default.  The
facility consists of a $20 million senior secured revolving credit
facility due 2016 and a $615 million senior secured term loan due
2017.  The company used proceeds from the issuance to repay its
existing credit facility and its outstanding Michigan Strategic
Fund bonds.

At the same time, S&P affirmed its 'B' corporate credit rating on
CCM.  The rating outlook is stable.

"The 'B' corporate credit reflects CCM's narrow business focus as
an operator of a single casino property in a highly competitive
market, high leverage, and challenging economic factors in the
market in which the company operates," said Standard & Poor's
credit analyst Michael Halchak.

The rating also reflects CCM's meaningful debt maturity in 2013,
though, given S&P's performance expectations, S&P anticipate that
the company will be successful in addressing this maturity.  CCM's
relatively stable operating performance over the economic cycle
and its ability to maintain a sizable market share somewhat temper
these factors.  The company owns and operates Motorcity Casino
Hotel in downtown Detroit.

During full-year 2010, CCM's net revenue was flat, and EBITDA was
down 6%, reflecting about a 200-basis-point decline in EBITDA
margin.  The decline in EBITDA margin was largely attributable to
increased promotional expenses as market competition increased.
S&P believes EBITDA will modestly increase in 2011, as S&P expects
promotional spending in the market to stabilize at more reasonable
levels and that CCM will maintain its market share in the low-30%
area, as the overall market continues to grow modestly.  The
market will likely benefit in the first half of the year from an
improved regional economic environment versus last year (although
it is still difficult).  Although unemployment in the region
remains high, the Bureau of Labor Statistics indicates the
seasonally adjusted unemployment rate has decreased to 12.2% at
the end of December 2010, from 15.3% in December 2009.

Under this performance expectation, S&P anticipates that the
company's total leverage, as measured in accordance with its
credit agreement, will be under 7x by early 2012, which provides
sufficient cushion relative to the 8x covenant threshold in 2012.
Furthermore, given S&P's expectations for modest annual growth in
EBITDA beyond 2011, as well as the scheduled amortization and 75%
excess cash flow sweep provision in the credit facility, S&P
expects leverage to gradually improve toward 6x over the next few
years.  S&P does not anticipate that the recent opening of the Gun
Lake Casino in Wayland, Mich. (approximately 130 miles from
Detroit) or Penn National Gaming's Hollywood Casino Toledo
(approximately 60 miles from Detroit and scheduled to open in
2012) will have a material effect on the Detroit market or CCM's
operating performance.  The majority of CCM's customers are
located within a 25-mile radius of the property, and S&P believes
only a small percentage of its rated players come from Ohio.


CCS CORP: Bank Debt Trades at 6% Off in Secondary Market
--------------------------------------------------------
Participations in a syndicated loan under which CCS Income Trust,
presently known as CCS Corporation, is a borrower traded in the
secondary market at 93.74 cents-on-the-dollar during the week
ended Friday, March 18, 2011, a drop of 1.56 percentage points
from the previous week according to data compiled by Loan Pricing
Corp. and reported in The Wall Street Journal.  The Company pays
300 basis points above LIBOR to borrow under the facility.  The
bank loan matures on November 5, 2014, and carries Moody's B2
rating and Standard & Poor's B rating.  The loan is one of the
biggest gainers and losers among 165 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

CCS Corporation is an opportunity-rich growth organization that
provides energy and environmental waste management services.
Focused on disciplined growth, CCS maintains its long-term
comprehensive commitment to environmental stewardship by
continually setting -- and raising -- industry standards.  CCS
services the global energy and environment sectors through four
major divisions; CCS Midstream Services, CCS Energy Marketing,
HAZCO Environmental & Decommissioning Services and Concord Well
Servicing.  CCS Corporation was formerly known as CCS Income Trust
and changed its name on November 14, 2007.  The company was
founded in 1984 and is based in Calgary, Canada.


CHINA TEL GROUP: Inks $9.57MM Equipment Contract With ZTE
---------------------------------------------------------
ZTE Corporation and China Tel Group, Inc., jointly announced they
have signed a contract for ZTE to supply ChinaTel with
infrastructure equipment for the nine city wireless broadband
network ChinaTel is deploying in the Fujian province.  The value
of equipment for the first two cities is $9.57 million.  The
parties have agreed on component pricing for future equipment in
the other seven cities, which will be ordered upon completion of
engineering work to determine final equipment needs.  The parties
will also enter into a separate contract for ZTE to provide
professional services including network planning and optimization
and equipment installation for all nine cities.

Phase 1 of the Fujian wireless broadband access (WBA) project will
focus on two major cities: Fuzhou, the capital city of Fujian
province, and Xiamen, one of the four special economic zones in
PRC.  Phase 2 of the Fujian WBA project will expand to seven
additional cities (Quanzhou, Zhang Zhou, Longyan, Putian, Sanming,
Nanping and Ningde) within the next 8 months.  ChinaTel will
complete engineering for the Phase 2 cities by Q3, 2011.  The
equipment contract calls for delivery of 172 base stations and
associated core equipment for installation in Xiamen and Fuzhou.
ChinaTel projects the equipment for Phase 1 will be delivered by
July 2011, and construction of Phase 1 will be complete and a
commercial launch of the network in Fuzhou and Xiamen will occur
by Q4, 2011.

All nine cities covered by the current phases of the project are
within Fujian Province, which enjoys status under PRC law as Haixi
Special Economic Zone, to promote foreign investment and
international trade.  "We expect to benefit in a variety of ways
from the relaxed economic regulations in effect in Fujian
Province, in terms of the services we will offer, as well as the
technology we will employ," stated ChinaTel's President Colin Tay.

The announcement marks another milestone in the relationship
between ZTE and ChinaTel.  "The contracts for the Fujian WBA
project reinforce the strength of our partnership with ZTE," noted
ChinaTel's CEO, George Alvarez.  "From cutting edge technology, to
aggressive pricing strategies, to favorable deferred payment
terms, ZTE has demonstrated its ability to satisfy all of
ChinaTel's needs."  ZTE and ChinaTel entered into a global
strategic memorandum of understanding in August 2010.  In November
2010, the parties finalized equipment and services contract needs
for deployment of a WBA network in Peru by ChinaTel's subsidiary,
Perusat.  ZTE is also assisting ChinaTel with design and
engineering to determine the scope of infrastructure equipment
needed to upgrade the fiber optic cable connecting most major
cities within PRC as part of ChinaTel's deployment map.

For more information about ChinaTel, visit
http://www.chinatelgroup.com/ To learn more about ZTE, visit
http://wwwen.zte.com.cn/en/ In addition, executives from ChinaTel
and ZTE are now available for media and analysts interviews.

A full-text copy of the Equipment Contract is available for free
at http://is.gd/qFZNYe

                       About ZTE Corporation

ZTE is a global provider of telecommunications equipment and
network solutions with the most comprehensive product range
covering virtually every sector of the wireline, wireless, service
and terminals markets.  The company delivers innovative, custom-
made products and services to over 500 operators in more than 140
countries, helping them to meet the changing needs of their
customers while achieving continued revenue growth.  ZTE's 2009
revenue led the industry with a 36% increase to USD 8,820.7
million.  ZTE commits 10 percent of its revenue to research and
development and takes a leading role in a wide range of
international bodies developing emerging telecoms standards.  A
company with sound corporate social responsibility (CSR)
initiatives, ZTE is a member of the UN Global Compact.  ZTE is
China's only listed telecom manufacturer, publicly traded on both
the Hong Kong and Shenzhen Stock Exchanges (H share stock code:
0763.HK / A share stock code: 000063.SZ).

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through its
controlled subsidiaries, the Company provides fixed telephony,
conventional long distance, high-speed wireless broadband and
telecommunications infrastructure engineering and construction
services.  ChinaTel is presently building, operating and deploying
networks in Asia and South America: a 3.5GHz wireless broadband
system in 29 cities across the People's Republic of China with and
for CECT-Chinacomm Communications Co., Ltd., a PRC company that
holds a license to build the high speed wireless broadband system;
and a 2.5GHz wireless broadband system in cities across Peru with
and for Perusat, S.A., a Peruvian company that holds a license to
build high speed wireless broadband systems.

The Company's balance sheet at Sept. 30, 2010 showed $8.70 million
in total assets, $9.84 million in total liabilities and
$1.14 million in total deficit.

Mendoza Berger & Company, LLP, in Irvine, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company has incurred a net
loss of $56.0 million for 2009, cumulative losses of
$165.4 million since inception, a negative working capital of
$68.8 million and a stockholders' deficit of $63.2 million, and
that the Company's viability is dependent upon its ability to
obtain future financing and the success of its future operations.

The Company also reported a net loss of $38.23 million on $729,701
of revenue for the nine months ended Sept. 30, 2010, compared with
a net loss of $26.34 million on $457,766 of revenue for the same
period during the prior year.


CHRISTOPHER TIGANI: Files for Chapter 11 to Halt Sheriff Sale
-------------------------------------------------------------
Esteban Parra and Maureen Milford at delawareonline reports
that liquor distributor Christopher Tigani filed for Chapter 11
bankruptcy protection in the U.S. Bankruptcy Court in Wilmington,
stopping a sheriff's sale of his Westover Hills mansion that
formerly belonged to Charles Cawley, founder of MBNA credit card
bank.

According to the report, Mr. Tigani estimated both assets and
debts to be between $10 million and $50 million.  The debts are
primarily consumer debts that were incurred for "personal, family
or household purpose."  The report relates Mr. Tigani's 28
creditors include five law firms, Flowers by Yukie, BMW Financial
Services, North Hills Cleaners and Strictly Gutter Cleaning.  The
filing did not say how much he owed each business.

The report notes, had the sale gone through, it would have been
one of the highest-profile mortgage meltdowns in Wilmington's
recent history.  The 23,937-square-foot home just off Del. 52 was
bought by Mr. Tigani in 2008.

The report also recounts that Mr. Tigani has been embroiled in a
bitter legal battle with his father, Robert Tigani, over control
of the family's lucrative liquor business, N.K.S. Distributors
Inc. in New Castle.  The report says Mr. Tigani declined to
comment after losing a bid in Delaware Chancery Court to keep the
house off the auction block until the judge ruled on a claim
against Wilmington Trust Co. that related to the overall N.K.S.
battle.

The report relates Mr. Tigani had alleged that Wilmington Trust,
which gave him a $4.1 million adjustable-rate mortgage in 2008,
conspired with his father and N.K.S. to force him out of the
liquor business.  But Vice Chancellor Donald F. Parsons Jr., who
has presided over the father-son dispute, has held that Mr. Tigani
has not shown a reasonable likelihood of success on the merits of
the case.


CLAIRE'S STORES: Bank Debt Trades at 5% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Claire's Stores,
Inc., is a borrower traded in the secondary market at 94.91 cents-
on-the-dollar during the week ended Friday, March 18, 2011, a drop
of 1.75 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 275 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 29, 2014, and
carries Moody's B3 rating and Standard & Poor's B rating.  The
loan is one of the biggest gainers and losers among 165 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

As reported by the Troubled Company Reporter on March 15, 2011,
Moody's upgraded Claire's Stores, Inc.'s senior secured bank
credit facilities to B3 from Caa1 and its Speculative Grade
Liquidity Rating to SGL-2 from SGL-3.  All other ratings were
affirmed including Claire's Caa2 Corporate Family Rating.  The
rating outlook is positive.

The upgrade of Claire's first lien bank facilities is in response
to the repayment of $245 million of the term loan B which reduced
the amount of senior secured first lien bank debt in the capital
structure.  The upgrade also reflects Claire's recently issued
$450 million second lien notes which provide additional support to
the first lien bank facilities.

                        About Claire's Stores

Claire's Stores, Inc. -- http://www.clairestores.com/-- is a
specialty retailer offering accessories and jewelry for kids,
tweens, teens, and young women in the 3 to 27 age range.  The
Company is organized based on its geographic markets, which
include North American division and European division.  As of
January 30, 2010, it operated a total of 2,948 stores, of which
1,993 were located in all 50 states of the United States, Puerto
Rico, Canada, and the United States Virgin Islands (its North
American division) and 955 stores were located in the United
Kingdom, France, Switzerland, Spain, Ireland, Austria, Germany,
Netherlands, Portugal, and Belgium (its European division).  Its
stores operate under the trade names Claire's and Icing.  In
addition, as of Jan. 30, 2010, it franchised 195 stores in the
Middle East, Turkey, Russia, South Africa, Poland, Greece,
Guatemala and Malta under franchising agreements.  It also
operates 211 stores in Japan through its Claire's Nippon 50:50
joint venture with AEON Co. Ltd.

The Company's balance sheet at Oct. 30, 2010, showed $2.79 billion
in total assets, $218.86 million in total current liabilities,
$2.62 billion in long-term debt, and a stockholders' deficit of
$47.89 million.  Claire's Stores carries 'Caa2' corporate family
and probability of default ratings, with 'positive' outlook, from
Moody's Investors Service, and 'B-' issuer credit ratings, with
'stable' outlook, from Standard & Poor's.

Moody's Investors Service in December 2010 upgraded Claire's
Stores' ratings, including its Corporate Family Rating and
Probability of Default Rating, to Caa2 from Caa3.  The upgrade
reflects a decrease in Claire's probability of default given that
the company can now fully cover its interest expense.  This is due
to earnings improvement from solid comparable store sales growth,
improved merchandise margins, and continued expense discipline.

Claire's Caa2 Probability of Default Rating reflects Moody's view
that although Claire's credit metrics have improved, they remain
very weak as a result of its heavy debt load.  For the twelve
months ending October 30, 2010, Claire's debt to EBITDA was very
high at 9.3 times.


CLAUDIO OSORIO: Files for Chapter 11 Bankruptcy in Miami
--------------------------------------------------------
Jay Weaver at the Miami Herald reports that high-tech entrepreneur
Claudio Osorio and high-society philanthropist Amarilis Osorio
filed for personal bankruptcy.

According to the report, their Chapter 11 filing in Miami's
federal bankruptcy court capped a series of lawsuits that accuse
the Osorios of duping investors to put tens of millions of dollars
into Claudio Osorio's once-fledgling business venture, InnoVida,
to pay for the couple's lifestyle.  The Osorios listed assets of
$35 million and liabilities of $13.5 million in their bankruptcy
petition, with $2,000 in cash on hand and no steady income.  Their
monthly bills total more than $71,000.

Mr. Weaver notes the couple's one-acre home on exclusive Star
Island, though listed in court papers with a value of $12 million,
is heavily mortgaged with BankUnited and assessed by Miami-Dade
County for substantially less, according to public records.  They
also owe hundreds of thousands of dollars of credit card debt to
American Express, Bank of America and other institutions.

Geoffrey Aaronson represents the Osorios.


CLEAR CHANNEL: Bank Debt Trades at 13% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Clear Channel
Communications, Inc., is a borrower traded in the secondary market
at 87.06 cents-on-the-dollar during the week ended Friday,
March 18, 2011, a drop of 1.22 percentage points from the previous
week according to data compiled by Loan Pricing Corp. and reported
in The Wall Street Journal.  The Company pays 365 basis points
above LIBOR to borrow under the facility.  The bank loan matures
on January 30, 2016, and carries Moody's 'Caa1' rating and
Standard & Poor's 'CCC+' rating.  The loan is one of the biggest
gainers and losers among 165 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.

                 About CC Media and Clear Channel

Clear Channel Communications, Inc. --
http://www.clearchannel.com/--is a diversified media company with
three primary business segments: radio broadcasting, outdoor
advertising and live entertainment. Clear Channel (OTCBB:CCMO) is
the operating subsidiary of San Antonio, Texas-based CC Media
Holdings, Inc.

CC Media's balance sheet at Dec. 31, 2010 showed $17.48 billion in
total assets, $1.25 billion in current liabilities, $20.61 billion
in long-term liabilities and a $7.20 billion shareholders'
deficit.

                           *     *     *

CC Media Holdings carries 'CCC+' issuer credit ratings from
Standard & Poor's.  Clear Channel Carries a 'Caa2' corporate
family rating from Moody's Investors Service and an issuer default
rating of 'CCC' from Fitch Ratings.

Fitch said in November 2010, that its ratings concerns center on
the company's highly leveraged capital structure, with significant
maturities in 2014 and 2016; the considerable interest burden that
pressures free cash flow generation; technological threats and
secular pressures in radio broadcasting; and the company's
exposure to cyclical advertising revenue.  The ratings are
supported by the company's leading position in both the outdoor
and radio industries, as well as the positive fundamentals and
digital opportunities in the outdoor advertising space.

In February 2011, Standard & Poor's affirmed its 'CCC+' corporate
credit rating and positive outlook on CC Media Holdings and
operating subsidiary Clear Channel, which S&P views on a
consolidated basis.  S&P said the 'CCC+' CCR on CC Media Holdings
reflects the risks surrounding the longer-term viability of the
company's capital structure--in particular, refinancing risk
relating to sizable secured debt maturities in 2014 ($3.2 billion
pro forma for the transaction) and 2016 ($10.4 billion).  In S&P's
view, the Company has a satisfactory business risk profile, due to
its position as the largest radio and global outdoor advertising
operator, its good geographic and market diversity, and moderate
long-term growth prospects at the outdoor business.  S&P views the
financial risk profile as highly leveraged, given the Company's
significant refinancing risk, roughly break-even EBITDA coverage
of interest expense, and slim discretionary cash flow.


CMB III: Hearing on Case Dismissal Continued to March 28
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona has
continued to March 28, 2011, at 10:30 a.m., the hearing to
consider the motion to dismiss the Chapter 11 case of C.M.B. III,
L.L.C.

Isaac M. Gabriel, representative of Union Fidelity Life Insurance,
asked that the Court dismiss the Debtor's case, or, in the
alternative, appoint a Chapter 11 trustee.

Phoenix, Arizona-based C.M.B. III, L.L.C., owns a mixed-use
commercial complex located at 13450-13610 N. Black Canyon Freeway,
Phoenix, Arizona.  It filed for Chapter 11 bankruptcy protection
(Bankr. D. Ariz. Case No. 10-30496) on Sept. 23, 2010.  Richard M.
Lorenzen, Esq., Perkins Coie Brown & Bain P.A., serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at $10 million to $50 million as of the Chapter 11 filing.


COMMONWEALTH BIOTECH: Board Removes William Guo as Chairman
-----------------------------------------------------------
John Reid Blackwell at Richmond Times-Dispatch reports that
Commonwealth Biotechnologies Inc. said it has removed its board
chairman William Guo after he urged shareholders to support his
own reorganization plan for the company.

According to the report, the company stated that its board voted
March 11, 2011, to remove Mr. Guo as chairman and as a director of
the company.  Mr. Guo, an entrepreneur in China who founded the
pharmaceutical company VenturePharm Group, filed various
submissions with the Securities and Exchange Commission on
March 9, March 11 and again on March 14, 2011.

Mr. Blackwell, citing a regulatory filing with the SEC, reports
that Mr. Guo urged shareholders to support a reorganization plan
that would make him the sole director of the company at a salary
of $1.  His letter to shareholders claimed that the company's co-
founder and chief executive officer, Richard Freer, was
unqualified to serve as CEO. He called for a shareholders' meeting
in late March.

The company said in a statement that Mr. Guo's filings were
"unauthorized" and were "replete with factual errors, misleading
comments and baseless allegations."

Mr. Blackwell notes the company said its board of directors
demanded that Mr. Guo retract the statements and inform the
Securities and Exchange Commission that the filings were
unauthorized.  He declined to do so, according to the statement
by the company.

Mr. Guo also called for the company to delay the sale of its
32,000- square-foot building at 601 Biotech Drive in Chesterfield.
Instead, Mr. Guo said he wants to cut the company's administrative
expenses and pay off its unsecured debt partially with common
stock and partially with cash from the sale of its only remaining
operating unit, Mimotopes Pty Ltd., a drug discovery and research
business in Australia.

Based in Midlothian, Virginia, Commonwealth Biotechnologies Inc.
filed for Chapter 11 bankruptcy protection on Jan. 20, 2011
(Bankr. E.D. Va. Case No. 11-30381).  Judge Kevin R. Huennekens
presides over the case.  Paula S. Beran, Esq., at Tavenner &
Beran, PLC, represents the Debtor.  The Debtor estimated both
assets and debts of between $1 million and $10 million.


CONCORDIA LUTHERAN: Files Plan of Reorganization
------------------------------------------------
Julia Hunter, writing for Rockford Register Star, reports that
Concordia Lutheran Church of the Lutheran Church submitted a
proposed reorganization plan wherein members of the church who
loaned it money won't be fully repaid.

According to the report, the reorganization plan proposes that the
institution pay within 45 days just 9% of the total loans to
members who loaned the school $700 or less.  Those who loaned more
than $700 will be paid 15% of the borrowed amount in 35 monthly
installments to begin 30 days after the plan is approved.

Ms. Hunter reports that Concordia's lawyers are also negotiating a
mortgage with JP Morgan Chase Bank for $1.4 million -- its only
secured debt, which is to be paid back at $9,005 monthly for 60
months, Concordia's business manager Harold Huber said.  Chase
previously foreclosed on the property and obtained a judgment of
$1.56 million, prompting Concordia to seek bankruptcy to stop the
foreclosure and attempt to reorganize.

Concordia Lutheran Church in Machesney Park, Illinois, filed for
Chapter 11 bankruptcy protection on July 20, 2010 (Bankr N.D. Ill.
Case No. 10-73608).  Judge Manuel Barbosa presides over the case.
Stephen G. Balsley, Esq., at Barrick, Switzer, Long, Balsley, et
al., represents the Debtor.  In its petition, the Debtor estimated
both assets and debts of between $1 million and $10 million.


CONNECTOR 2000: Chapter 9 Plan Confirmation Hearing on Friday
-------------------------------------------------------------
The Hon. David R. Duncan of the U.S. Bankruptcy Court for the
District of South Carolina will convene a hearing on March 25,
2011, at 10:00 a.m., to consider confirmation of the First Amended
Plan of Connector 2000 Association, Inc.

The Debtor filed an amended notice of hearing to include notice of
the releases and injunctions contained in the First Amended Plan
as provided in Rule 2002(c)(3) of the Federal Rules of Bankruptcy
Procedure.

A full-text copy of the Amended Notice of Hearing is available for
free at http://bankrupt.com/misc/conn2000.pdf

                       About Connector 2000

Piedmont, South Carolina-based Connector 2000 Association Inc., is
a non-profit association set up by the South Carolina Department
of Transportation to finance, construct and operate the 16-mile
toll road known as the "Southern Connector" in Greenville County,
and to build the South Carolina Highway 153 Extension.

Connector 2000 filed for Chapter 9 bankruptcy protection on
June 24, 2010 (Bankr. D. S.C. Case No. 10-04467), estimating both
assets and debts to be between $100 million and $500 million.
Judge David R. Duncan presides over the case.  Stanley H.
McGuffin, Esq., at Haynsworth Sinkler Boyd P.A., serves as
bankruptcy counsel.


CONFORCE INT'L: Raises $7.5MM From Common Shares Offering
---------------------------------------------------------
As of March 14, 2011, Conforce International, Inc., raised an
additional US$1,271,134, completing its private placement as
described in its Form 8-K filing dated Feb. 25, 2011.  The Company
raised a combined total of US$7,500,000 from the issuance of
26,787,715 common shares, with restrictive legend, of the
Company's common stock.  The offering was priced Dec. 9, 2010 at
$0.28 per share.

                    About Conforce International

Headquartered in Concord, Ontario, Conforce International, Inc.,
has two operations: Providing handling, storage and transportation
of overseas containers for international shipping lines as well as
domestic retailers through its 50.1% owned subsidiary Conforce 1
Container Terminals Inc.; and development and testing of a polymer
based composite shipping container flooring product trademarked
under the name EKO-FLOR through its 100% owned subsidiary Conforce
Containers Corporation.

The Company was incorporated on May 18, 2004, in the state of
Delaware as Now Marketing Corp. and was renamed on May 25, 2005,
to Conforce International Inc.

The Company's balance sheet at Sept. 30, 2010, showed
$749,824 in total assets, $2.01 million in total liabilities, and
a shareholders' deficiency of $1.26 million.

As reported in the Troubled Company Reporter on July 19, 2010,
BDO Canada LLP, in Markham, Ontario, expressed substantial doubt
about the Company's ability to continue as a going concern,
following the Company's results for the fiscal year ended
March 31, 2010.  The independent auditors noted that the Company
has incurred recurring losses and its ability to continue as a
going concern will depend on its ability to generate positive cash
flows from operations or secure additional financing.


COUDERT BROTHERS: Settles SenoRx's $25MM Malpractice Claim
----------------------------------------------------------
Bankruptcy Law360 reports that the plan administrator of the
estate of Coudert Brothers LLP asked the Bankruptcy Court Friday
to approve a settlement that would release the defunct law firm
from a $25 million patent malpractice claim brought by SenoRx Inc.

The proposed settlement requires C.R. Bard Inc., which acquired
SenoRx in June 2010, to drop its claim of professional malpractice
in exchange for a release of the firm's claim, Law360 says.

                       About Coudert Brothers

Coudert Brothers LLP was an international law firm specializing in
complex cross-border transactions and dispute resolution.  The
firm had operations in Australia and China.  The Debtor filed for
Chapter 11 protection on Sept. 22, 2006 (Bankr. S.D.N.Y. Case
No. 06-12226).  John E. Jureller, Jr., Esq., and Tracy L.
Klestadt, Esq., at Klestadt & Winters, LLP, represent the Debtor
in its restructuring efforts.  The U.S. Trustee for Region 2
appointed five creditors to serve on an Official Committee of
Unsecured Creditors.  Brian F. Moore, Esq., and David J.
Adler, Esq., at McCarter & English, LLP, represent the Official
Committee of Unsecured Creditors.  Coudert scheduled total assets
of $29,968,033 and total debts of $18,261,380 as of the Petition
Date.

The Bankruptcy Court in August 2008 signed an order confirming
Coudert Brothers LLP's chapter 11 plan.  The Plan contemplated on
paying 39% to unsecured creditors with $26 million in claims.


CRESCENT RESOURCES: Bank Debt Trades at 8% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Crescent Resources
LLC is a borrower traded in the secondary market at 92.40 cents-
on-the-dollar during the week ended Friday, March 18, 2011, a drop
of 0.97 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 675 basis points above LIBOR to borrow
under the facility.  The bank loan is not rated.  The loan is one
of the biggest gainers and losers among 165 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

Crescent Resources LLC has emerged as a leader in the growing real
estate markets in the southeastern and southwestern United States.
The company adds value to the land entrusted to it, whether it be
through land management, a commercial development or a residential
community.  Crescent Resources is a real estate development and
land management company comprised of dedicated people with
uncompromising integrity.


CROWN FOREX: Oxford, SEC Sign Consent Deal in Forex Fraud Fight
---------------------------------------------------------------
Bankruptcy Law360 reports that the U.S. asked a Minnesota judge
Friday to approve a consent agreement with The Oxford Private
Client Group LLC, which allegedly bilked investors of $47 million
in part by investing in Crown Forex SA before it went bankrupt.

In the U.S. District Court for the District of Minnesota, Law360
says, the U.S. Securities and Exchange Commission filed the
consent agreement, which a court-appointed receiver approved on
behalf of Oxford.

Crown Forex SA -- http://www.crownforex.com/-- was a Bassecourt,
Switzerland-based company that offered trading on 13 currency
pairs plus gold and silver.

Swiss markets regulator FINMA took over the Company on Dec. 9,
2008, and entered a ruling to liquidate the Company on Feb. 23,
2009, following a money laundering investigation.  The regulator
declared the Company bankrupt on May 29, 2009.

A U.S. Commodity Futures Trading Commission civil suit has been
filed against Crown Forex.  The suit accuses the principals and
subsidiaries of Crown Forex of perpetrating an US$84 million
foreign exchange scheme.


CYBERCO HOLDINGS: Court Orders Bank to Return Up to $73 Million
---------------------------------------------------------------
On March 17, 2011, a federal bankruptcy judge in the United States
District Court for the Western District of Michigan ruled that
Huntington National Bank will be required to return to victims up
to $73 million the bank improperly received in connection with a
Ponzi scheme perpetrated by Barton Watson through an entity known
as Cyberco and its sham affiliate Teleservices, reported Drew,
Cooper & Anding, P.C.  The $100 million Ponzi scheme victimized
lenders across the country in a financial fraud involving phony
sales of non-existent computer equipment from Teleservices to
Cyberco.

The Court ruled that Huntington turned a "blind eye" to the six
(6) and seven figure large round dollar transfers into Cyberco's
depository accounts from Teleservices which Huntington admitted
was an unknown and suspicious source.  These transfers within the
six (6) month period prior to collapse of the Ponzi scheme totaled
$73 million stolen from finance companies across the nation. From
these stolen monies and immediately prior to the collapse of the
Ponzi scheme, Huntington repaid itself the $16 million loan it had
made to Cyberco.  The Court determined that Huntington for at
least the six (6) months prior to the collapse of the scheme did
not act in good faith when it turned a "blind eye" to evidence of
Cyberco's fraud, that it "cared about little else other than
getting [itself] repaid," and that "it really didn't matter [to
Huntington] where the money came from."

The Court found that the Bank was the recipient of stolen monies
harvested from the Ponzi scheme and must disgorge those funds
where it failed to act in good faith. Marcia Meoli, Trustee of
Teleservices seeking relief on behalf of the victimized lenders,
was represented by Douglas Donnell of Mika Meyers Beckett & Jones
and special trial counsel, John E. Anding, of Drew, Cooper &
Anding, P.C. John Anding stated: "the Court's holding that
Huntington Bank failed to exercise good faith signals that
financial institutions may not benefit from the fruits of
fraudulent conduct by accepting transfers of funds from dubious
sources while turning a 'blind eye' to clear indications that
there is fraud afoot."

Three creditors filed an involuntary chapter 7 petition against
CyberCo Holdings, Inc., on Dec. 9, 2004 (Bankr. W.D. Mich. Case
No. 04-14905).  Christopher Combest, Esq., at Quarles & Brady LLP
represents the petitioners.


DAVITA INC: S&P Affirms 'BB-' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'BB-' corporate credit rating on Denver-based DaVita Inc.  At the
same time, S&P assigned a 'BB' credit rating and a '2' recovery
rating, indicating S&P's expectation for substantial (70% to 90%)
recovery of principal in the event of a payment default, to the
company's $3 billion senior secured credit facility.  The facility
consists of a $250 million revolver due 2015, a $1 billion term
loan A due 2015, and a $1.75 billion term loan B due 2016.

S&P also assigned a 'B' credit rating and a '6' recovery rating,
indicating S&P's expectation for negligible (0% to 10%) recovery
of principal in the event of default, to the $1.55 billion of
senior unsecured notes due in 2018 and 2020.  The company used
proceeds from the new debt to repay its existing debt, leaving
about $775 million of excess cash from the refinancing available
for potential acquisitions or share repurchases.

"The ratings on DaVita overwhelmingly reflect the company's
dependence upon the treatment of a single disease, exposure to
potential adverse changes in payor mix and reimbursement, and an
aggressive financial risk profile; S&P characterize DaVita's
business risk profile as fair," said Standard & Poor's credit
analyst Gail I. Hessol.

Although DaVita's revenue is concentrated in dialysis treatment,
its fair business risk profile also reflects positive attributes
of the sector, such as steady treatment volume for patients with
end-stage renal disease, favorable demographic trends, and
relatively low investment requirements.  DaVita and the U.S.
operations of Fresenius, each with about 30% of the market, are by
far the leading players.  The remainder of the market is fairly
fragmented, although consolidation is underway.  DaVita's size and
geographic diversity give it advantages over smaller competitors
because it can more easily undertake increased spending for IT
infrastructure and it provides the company with leverage to
negotiate with large commercial payors and suppliers.


DEX MEDIA EAST: Bank Debt Trades at 24% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Dex Media East LLC
is a borrower traded in the secondary market at 76.33 cents-on-
the-dollar during the week ended Friday, March 18, 2011, a drop of
1.67 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 250 basis points above LIBOR to borrow
under the facility.  The bank loan matures on October 24, 2014.
The loan is one of the biggest gainers and losers among 165 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

        About Dex Media East

Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun &
Bradstreet Corp. (NYSE: RHD) -- http://www.rhdonnelley.com/--
publishes and distributes print and online directories in the U.S.
It offers print directory advertising products, such as yellow
pages and white pages directories.  R.H. Donnelley Inc., Dex
Media, Inc., and Local Launch, Inc., are the company's only direct
wholly owned subsidiaries.

Dex Media East, LLC, is a publisher of the official yellow pages
and white pages directories for Qwest Communications International
Inc. (Qwest) in the states, where Qwest is the primary incumbent
local exchange carrier, such as Colorado, Iowa, Minnesota,
Nebraska, New Mexico, North Dakota and South Dakota.

R.H. Donnelley Corp. and 19 of its affiliates, including Dex Media
East LLC, Dex Media West LLC and Dex Media, Inc., filed for
Chapter 11 protection on May 28, 2009 (Bank. D. Del. Case No.
09-11833 through 09-11852), after missing a $55 million interest
payment on its senior unsecured notes due April 15.  James F.
Conlan, Esq., Larry J. Nyhan, Esq., Jeffrey C. Steen, Esq.,
Jeffrey E. Bjork, Esq., and Peter K. Booth, Esq., at Sidley Austin
LLP, in Chicago, Illinois represent the Debtors in their
restructuring efforts.  Edmon L. Morton, Esq., and Robert S.
Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP, in
Wilmington, Delaware, serve as the Debtors' local counsel.  The
Debtors' financial advisor is Deloitte Financial Advisory Services
LLP while its investment banker is Lazard Freres & Co. LLC.  The
Garden City Group, Inc., is claims and noticing agent.  The
Official Committee of Unsecured Creditors tapped Ropes & Gray LLP
as its counsel, Cozen O'Connor as Delaware bankruptcy co-counsel,
J.H. Cohn LLP as its financial advisor and forensic accountant,
and The Blackstone Group, LP, as its financial and restructuring
advisor.

The Debtors emerged from Chapter 11 bankruptcy proceedings at the
end of January 2010.


DEX MEDIA WEST: Bank Debt Trades at 13% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Dex Media West LLC
is a borrower traded in the secondary market at 87.25 cents-on-
the-dollar during the week ended Friday, March 18, 2011, a drop of
2.63 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 450 basis points above LIBOR to borrow
under the facility.  The bank loan matures on October 24, 2014.
The loan is one of the biggest gainers and losers among 165 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

        About Dex Media West

Dex Media West LLC is a subsidiary of Dex Media West, Inc., and an
indirect wholly owned subsidiary of Dex Media, Inc.  Dex Media is
a direct wholly owned subsidiary of R.H. Donnelley Corporation.
Dex Media West is the exclusive publisher of the official yellow
pages and white pages directories for Qwest Corporation, the local
exchange carrier of Qwest Communications International, Inc., in
Arizona, Idaho, Montana, Oregon, Utah, Washington, and Wyoming.

R.H. Donnelley Corp. and 19 of its affiliates, including Dex Media
East LLC, Dex Media West LLC and Dex Media, Inc., filed for
Chapter 11 protection on May 28, 2009 (Bank. D. Del. Case No.
09-11833 through 09-11852), after missing a $55 million interest
payment on its senior unsecured notes due April 15.  James F.
Conlan, Esq., Larry J. Nyhan, Esq., Jeffrey C. Steen, Esq.,
Jeffrey E. Bjork, Esq., and Peter K. Booth, Esq., at Sidley Austin
LLP, in Chicago, Illinois represented the Debtors in their
restructuring efforts.  Edmon L. Morton, Esq., and Robert S.
Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP, in
Wilmington, Delaware, served as the Debtors' local counsel.  The
Debtors' financial advisor was Deloitte Financial Advisory
Services LLP while its investment banker was Lazard Freres & Co.
LLC.  The Garden City Group, Inc., was claims and noticing agent.
The Official Committee of Unsecured Creditors tapped Ropes & Gray
LLP as its counsel, Cozen O'Connor as Delaware bankruptcy co-
counsel, J.H. Cohn LLP as its financial advisor and forensic
accountant, and The Blackstone Group, LP, as its financial and
restructuring advisor.

The Debtors emerged from Chapter 11 bankruptcy proceedings at the
end of January 2010.


DJSP ENTERPRISES: Raj Gupta Ceases to Hold 5% Equity Ownership
--------------------------------------------------------------
In a Schedule 13D filing with the U.S. Securities and Exchange
Commission, Raj K. Gupta and his affiliates disclosed that they do
not own ordinary shares of DJSP Enterprises, Inc.

On Jan. 18, 2011, Nagina Partners LLC exchanged its Common Units
of DAL for an aggregate of 1,084,000 Ordinary Shares, in
accordance with the terms of the First Amended and Restated
Limited Liability Company Agreement of DAL, dated as of Jan. 15,
2010, as amended, and subsequently distributed 1,030,342 Ordinary
Shares to Shri Krishan Gupta and 53,658 Ordinary Shares to Raj K
Gupta.

As a result of sales on March 7, 2011, Mr. Gupta and his
affiliates ceased to own 5% of the outstanding Ordinary Shares,
and aggregate sales of Ordinary Shares held by the Mr. Gupta and
his affiliates since the filing of the Schedule 13D exceeded 1% of
the outstanding Ordinary Shares.

                       About DJSP Enterprises

Based in Plantation, Florida, DJSP Enterprises, Inc. (Nasdaq:
DJSP, DJSPW, DJSPU) provides a wide range of processing services
in connection with mortgages, mortgage defaults, title searches
and abstracts, REO (bank-owned) properties, loan modifications,
title insurance, loss mitigation, bankruptcy, related litigation
and other services.  Its principal customer is The Law Offices of
David J. Stern, P.A.  It has additional operations in Louisville,
Kentucky and San Juan, Puerto Rico.  Its U.S. operations are
supported by a scalable, low-cost back office operation in Manila,
the Philippines, that provides data entry and document preparation
support for its U.S. operations.

As reported in the Jan. 20, 2011 edition of the TCR, DAL Group,
LLC, a subsidiary of DJSP Enterprises, has obtained waivers on
notes held by these parties for payments due through April 1,
2011:

                                          Amount of Note
                                          --------------
     Law Offices of David J. Stern, P.A.     $47,869,000
     Chardan Capital, LLC,                    $1,000,000
     Chardan Capital Markets, LLC               $250,000
     Kerry S. Propper                         $1,500,000

The waivers were sought by DAL as it develops and implements plans
to restructure its ongoing operations to reflect its significantly
reduced revenues and operations and the other changes.

DAL did not make the interest payments due Jan. 3, 2011 for (i)
unsecured term notes in the aggregate principal amount of
$1,600,000 (ii) and a $500,000 term note issued by Cornix
Management, LLC.  DAL is seeking waivers from the holders of the
unsecured notes and Cornix of principal and interest payments
otherwise due under these notes, and the default interest rates
under these notes, through April 1, 2011.

DAL has entered into a forbearance agreement with BA Note
Acquisition, LLC, pursuant to which BNA has agreed to forbear from
taking action on a $5.5-million line of credit until March 9,
2011.


DJSP ENTERPRISES: Jeffrey Valenty Does Not Own Common Shares
------------------------------------------------------------
In a Schedule 13D filing with the U.S. Securities and Exchange
Commission, Jeffrey A. Valenty disclosed that he does not own any
of the outstanding ordinary shares of DJSP Enterprises, Inc.

On Jan. 18, 2011, Mr. Valenty exchanged his Common Units of DAL
for an aggregate of 722,668 Ordinary Shares, in accordance with
the terms of the First Amended and Restated Limited Liability
Company Agreement of DAL, dated as of Jan. 15, 2010, as amended.
As a result of the sale on Jan. 21, 2011, Mr. Valenty ceased to
own 5% of the outstanding Ordinary Shares, however at such time
aggregate dispositions of the Ordinary Shares by Mr. Valenty since
the filing of the Schedule 13D had not exceeded 1% of the
outstanding Ordinary Shares, and such sale was not determined to
be a material change in the facts presented in the Schedule 13D.
On March 7, 2011, aggregate sales of Ordinary Shares held by Mr.
Valenty exceeded 1% of the outstanding Ordinary Shares since the
filing of the Schedule 13D, resulting in a reduction of Mr.
Valenty's beneficial ownership to 2.7% of the outstanding Ordinary
Shares.

                      About DJSP Enterprises

Based in Plantation, Florida, DJSP Enterprises, Inc. (Nasdaq:
DJSP, DJSPW, DJSPU) provides a wide range of processing services
in connection with mortgages, mortgage defaults, title searches
and abstracts, REO (bank-owned) properties, loan modifications,
title insurance, loss mitigation, bankruptcy, related litigation
and other services.  Its principal customer is The Law Offices of
David J. Stern, P.A.  It has additional operations in Louisville,
Kentucky and San Juan, Puerto Rico.  Its U.S. operations are
supported by a scalable, low-cost back office operation in Manila,
the Philippines, that provides data entry and document preparation
support for its U.S. operations.

As reported in the Jan. 20, 2011 edition of the TCR, DAL Group,
LLC, a subsidiary of DJSP Enterprises, has obtained waivers on
notes held by these parties for payments due through April 1,
2011:

                                          Amount of Note
                                          --------------
     Law Offices of David J. Stern, P.A.     $47,869,000
     Chardan Capital, LLC,                    $1,000,000
     Chardan Capital Markets, LLC               $250,000
     Kerry S. Propper                         $1,500,000

The waivers were sought by DAL as it develops and implements plans
to restructure its ongoing operations to reflect its significantly
reduced revenues and operations and the other changes.

DAL did not make the interest payments due Jan. 3, 2011 for (i)
unsecured term notes in the aggregate principal amount of
$1,600,000 (ii) and a $500,000 term note issued by Cornix
Management, LLC.  DAL is seeking waivers from the holders of the
unsecured notes and Cornix of principal and interest payments
otherwise due under these notes, and the default interest rates
under these notes, through April 1, 2011.

DAL has entered into a forbearance agreement with BA Note
Acquisition, LLC, pursuant to which BNA has agreed to forbear from
taking action on a $5.5-million line of credit until March 9,
2011.


E*TRADE FINANCIAL: S&P Raises Counterparty Credit Rating to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its ratings
on E*TRADE Financial Corp., including raising the long-term
counterparty credit rating to 'B-' from 'CCC+'.  S&P also raised
its ratings on E*TRADE Bank, including raising the long-term
counterparty credit rating to 'B+' from 'B'.  The outlook is
stable.

"The upgrades reflect E*TRADE's improved financial condition and
cash flows going to the holding company," said Standard & Poor's
credit analyst Charles D. Rauch.  The company is making slow, if
sometimes uneven, progress working through the credit problems in
its large book of first-lien, one-to-four-family residential
mortgage loans and home equity loans.  Delinquencies are gradually
trending downward and net charge-offs are slowly abating.
Nevertheless, there are still many structural weaknesses in these
two loan books.  A significant portion of these loans is
underwater (i.e., the collateral value is less than the
outstanding loan amount) and housing prices remain weak.
Consequently, the provision for loan losses may not decline that
much in 2011, but S&P believes the prospects are improving for a
return to profitability in 2011.

The upgrades also consider the increased cash flows going to the
holding company.  E*TRADE has been consistently obtaining
regulatory approval to upstream dividends from the retail
brokerage to the holding company, strengthening its cash balances
that can be used for future debt servicing.  This is an important
ratings factor, because the holding company carries $1.6 billion
of interest-bearing debt, of which $415 million matures in 2013.
S&P considers these amounts to be rather large in relation to the
operating subsidiaries' current cash flow-generating ability.

Despite the turmoil at the bank subsidiary, the retail brokerage,
which remains the heart and soul of the company, is benefiting
from the gradual return of retail investors to the stock market,
thanks to the run-up in equity prices during the last months of
2010 and early 2011.  E*TRADE has a strong, well-recognized brand
name in the retail on-line brokerage space, but it faces
considerable competition from larger firms, such as TD Ameritrade
and Charles Schwab.

The stable outlook on E*TRADE reflects S&P's expectation that the
company will make headway addressing the asset-quality problems in
its large residential mortgage loans, paving the way for an
eventual return to profitability in 2011.  If E*TRADE returns to
sustainable profitability and can thereby secure additional cash
resources at the holding company for meeting upcoming debt
maturities, S&P could raise the ratings again.  At this time, S&P
believes a downgrade is unlikely, but could result from a material
drop in daily average revenue trades or weaker residential real
estate loan portfolios.


ECOSPHERE TECHNOLOGIES: Incurs $22.65 Million Net Loss in 2010
--------------------------------------------------------------
Ecosphere Technologies, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $22.65 million on $8.96 million of revenue for the year
ended Dec. 31, 2010, compared with a net loss of $19.05 million on
$1.76 million of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed $8.98 million
in total assets, $6.88 million in total liabilities, $1.14 million
in redeemable convertible cumulative preferred stock series A,
$2.74 million in redeemable convertible cumulative preferred stock
series B, and $1.78 million in total stockholders' deficit.

Salberg & Company, P.A., expressed substantial doubt about the
Company's ability to continue as a going concern.  The accounting
firm noted that the Company has a net loss applicable to Ecosphere
Technologies common stock of $22,237,207, and net cash used in
operations of $1,267,206 for the year ended Dec. 31, 2010, and a
working capital deficit, a stockholders' deficit and an
accumulated deficit of $5,459,051, $1,780,735 and $110,025,222,
respectively, at Dec. 31, 2010.  In addition, the Company has
redeemable convertible cumulative preferred stock that is eligible
for redemption at a redemption amount of $3,877,796 including
accrued dividends as of Dec. 31, 2010.

A full-text copy of the Annual Report is available for free at:

                        http://is.gd/XFebVq

              Form 10-Q Exhibit Treated Confidential

Ecosphere Technologies submitted an application under Rule 24b-2
requesting confidential treatment for information it excluded from
an exhibit to a Form 10-Q filed on Aug. 16, 2010, as amended.
Based on representations by Ecosphere Technologies that this
information qualifies as confidential commercial or financial
information under the Freedom of Information Act, 5 U.S.C.
552(b)(4), the Division of Corporation Finance has determined not
to publicly disclose it.  Accordingly, excluded information from
Southwestern Energy Services Agreement will not be released to the
public until July 28, 2011.

                    About Ecosphere Technologies

Stuart, Fla.-based Ecosphere Technologies, Inc. (OTC BB: ESPH)
-- http://www.ecospheretech.com/-- is a diversified water
engineering and environmental services company.  Ecosphere
Technologies provides environmental services and technologies for
use in large-scale and sustainable applications across industries,
nations and ecosystems.


EL MATADOR: Fails in Bid to Subordinate Labor Dept. Claim
---------------------------------------------------------
Bankruptcy Judge Mary P. Gorman denied El Matador, Inc.'s
objection to Claim #1-3 filed by the United States Department of
Labor.  The Debtor requested subordination of the liquidated
damages portion of the claim.  Judge Gorman said the Debtor has
failed to establish grounds for the equitable subordination of any
portion of the claim.

At the time of bankruptcy filing, the Debtor and its shareholders,
Dolores Onate and Ricardo Onate, were defendants in a case pending
before the United States District Court for the Central District
of Illinois, Urbana Division, entitled Hilda L. Solis, Secretary
of Labor, U.S. Department of Labor v. El Matador, Inc., et al.,
Case # 2:08-CV-2237.  In that District Court case, the Department
of Labor accused the Debtor and its shareholders of violating the
Fair Labor Standards Act by failing to pay minimum wages and
overtime compensation to employees at the Debtor's restaurants.
The USDOL sought injunctive relief to prevent future violations of
the FLSA and sought actual and liquidated damages as allowed by
the FLSA on behalf of 34 different current and former employees of
the Debtor.

On October 19, 2010, the District Court entered an Amended
Judgment By Default against Defendant El Matador, Inc.  The
Default Judgment permanently restrains the Debtor from further
violating the provisions of the FLSA, and specifically enjoins the
Debtor from conducting any business which fails to pay minimum
wages or proper overtime compensation.  The Default Judgment also
includes a money judgment against the Debtor in the amount of
$387,429.87 for the actual amount of unpaid wages and overtime pay
due to the present and former employees identified in the Default
Judgment and an additional $387,429.87 money judgment against the
Debtor for liquidated damages for those same employees as allowed
by the FLSA.  The Default Judgment requires the total money
judgment of $774,859.74 to be paid to the USDOL for ultimate
distribution to the individual employees.

On October 5, 2010, the USDOL filed its original claim for
$774,859.66.  An amended claim for the same amount which was
designated as Claim #1-2 on the claims register was filed on
October 7, 2010.  On October 21, 2010, a second amended claim
designated as Claim #1-3 on the claims register was filed by the
USDOL in the amount of $774,859.74.  The original claim had a
listing of the amounts due to the individual employees attached to
it. Claim #1-2 had a copy of a default order entered October 5,
2010, by the District Court attached to it.  Claim #1-3 had the
final Default Judgment entered by the District Court on
October 19, 2010, attached to it.

In its objection, the Debtor asserts that the liquidated damages
portion of the claim is a penalty and, accordingly, that portion
of the claim should be equitably subordinated to other allowed
unsecured claims.  The USDOL disagrees.

A copy of the Court's March 17, 2011 Opinion is available at
http://is.gd/c9ddGGfrom Leagle.com.

                        About El Matador

El Matador, Inc., operates several restaurants in the Decatur,
Illinois area.  It filed a voluntary Chapter 11 petition (Bankr.
C.D. Ill. Case No. 10-72202) on July 13, 2010.  When it filed
for bankruptcy, El Matador listed under $1 million in assets.
A copy of the Company's petition is available at no charge at
http://bankrupt.com/misc/ilcb10-72202.pdf


ELEPHANT TALK: Files Slideshow for Potential Investors
------------------------------------------------------
Elephant Talk Communications, Inc., filed with the Securities and
Exchange Commission a copy of a slideshow presentation to certain
of its stockholders, as well as other persons who might be
interested in purchasing its securities, describing its business.
A copy of the slideshow presentation is available for free at
http://is.gd/FW4bh3

                        About Elephant Talk

Lutz, Fla.-based Elephant Talk Communications, Inc. (OTC BB: ETAK)
-- http://www.elephanttalk.com/-- is an international provider of
business software and services to the telecommunications and
financial services industry.

The Company's balance sheet at Sept. 30, 2010, showed
$41.68 million in total assets, $69.79 million in total
liabilities, and a stockholders' deficit of $28.10 million.
Stockholders' deficit was $14.9 million at June 30, 2010.

As reported in the Troubled Company Reporter on April 7, 2010,
BDO Seidman, LLP expressed substantial doubt about the Company's
ability to continue as a going concern, following the Company's
results for 2009.  The independent auditors noted that the Company
incurred a net loss of $17.4 million, used cash in operations of
$5.4 million and had an accumulated deficit of $62.3 million.


EPIC ENERGY: Files for Chapter 11 Protection in Colorado
--------------------------------------------------------
Epic Energy Resources, Inc., on Friday filed a petition for
voluntary reorganization under Chapter 11 of the U.S. Bankruptcy
Code with the United States Bankruptcy Court for the District of
Colorado.  The filing included the Company's operating subsidiary,
Epic Integrated Services, Inc.

In a press statement, the Company said all customers and clients
of the Company will continue to be serviced by the Company's
personnel and work crews in the ordinary course, and without
interruption.

The Company's Board of Directors authorized the filing of the
Chapter 11 petition to protect and preserve the assets and
operations of the Company.  In conjunction with the filing, the
Company intends to file a variety of motions that will allow it to
continue to manage all of its ordinary, day-to-day operations.
The motions include approval of debtor in possession financing,
requests to continue to pay wages and benefits to the Company's
employees and to assist in the post-filing operation of the
Company in the ordinary course of business.  The Company has also
reached an agreement in principal with the Debenture Holders of
Epic's 10% Secured Debentures due December 5, 2012 to provide the
Company with a debtor-in-possession financing during the
reorganization.

The Monday edition of the Troubled Company Reporter published Epic
Energy's Case Summary & 19 Largest Unsecured Creditors.

                          About Epic Energy

The Woodlands, Texas-based Epic Energy Resources, Inc. (OTC BB:
EPCC) -- http://www.1Epic.com/-- is an integrated energy services
company.  Epic provides business and operations consulting;
engineering, procurement, and construction management; production
operations & maintenance; specialized training, operating manuals,
data management and data integration focused primarily on the
upstream, midstream and downstream energy infrastructure.


EQUITABLE LIFE: A.M. Best Cuts Financial Strength Rating to 'B'
---------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating (FSR)
to B (Fair) from B+ (Good) and issuer credit rating (ICR) to "bb+"
from "bbb-" of Equitable Life & Casualty Insurance Company
(Equitable Life & Casualty) (Salt Lake City, UT).  The outlook for
the FSR has been revised to stable from negative, while the
outlook for the ICR is negative.

The rating actions reflect Equitable Life & Casualty's net loss
and weakened risk-adjusted capital position at year-end 2010,
which resulted primarily from reserve strengthening in its run-off
long-term care line of business, increases to non-admitted assets,
acquisition expenses associated with marketing new products and
realized capital losses on some troubled investments.

Equitable Life & Casualty has implemented a number of business
improvement initiatives in 2010 with the goal of returning the
company to profitability in 2011 and bolstering its risk-adjusted
capital position.  These initiatives have included exiting the
long-term care segment, implementing premium rate increases on
closed long-term care blocks, reinsuring a block of life insurance
business, increasing its third-party administration revenue and
materially reducing general expenses.  However, A.M. Best believes
the company will be challenged to turn its long-term care segment
profitable in the near term.

Equitable Life & Casualty currently markets Medicare supplement,
final expense whole life and cancer, hospital indemnity and short-
term care cash products in rural and suburban areas of the United
States.


FAIRPOINT COMMS: Court Rules Against Wrongful Termination Claim
---------------------------------------------------------------
Bankruptcy Judge Burton R. Lifland sustained the objection of
FairPoint Communications, Inc., et al. to Claim No. 306 filed by
Isidoro M. Flores asserting a $1 million unsecured claim for
wrongful termination on the basis of age discrimination under the
Age Discrimination in Employment Act of 1967 and New Hampshire
Revised Statutes Annotated Chapter 354-A.  FairPoint argues that
11 U.S.C. Section 502(b)(7) caps the Claim at $100,000.  Mr.
Flores filed, albeit tardily, an opposition to the Objection.

In light of the Flores counsel's late-filed response to the
Objection, the Court imposes sanctions on two counts: one for
violating the Court's Case Management Order, and the second, for
violating local rules.

A copy of Judge Lifland's March 17, 2011 Memorandum and Order is
available at http://is.gd/pHOfJ0from Leagle.com.

Isidoro M. Flores is represented in the case by:

         Donna-Marie Cote, Esq.
         WIGGIN & NOURIE, P.A
         670 North Commercial Str., Suite 305
         P.O. Box 808
         Manchester, NH 03105-0808
         Tel: (603) 669-2211
         Fax: (603) 623-8442
         E-mail: dcote@wiggin-nourie.com

              - and -

         Wayne Greenwald, Esq.
         WAYNE GREENWALD, PC
         99 Park Avenue # 800
         New York, NY 10016-1606
         Tel: (212) 983-1922

                   About FairPoint Communications

FairPoint Communications, Inc. (NYSE: FRP) --
http://www.fairpoint.com/-- owns and operates local exchange
companies in 18 states offering advanced communications with a
personal touch, including local and long distance voice, data,
Internet, television and broadband services.  FairPoint is traded
on the New York Stock Exchange under the symbols FRP and FRP.BC.

FairPoint and its affiliates filed for Chapter 11 protection on
October 26, 2009 (Bankr. S.D.N.Y. Case No. 09-16335).  Rothschild
Inc. is acting as financial advisor for the Company; AlixPartners,
LLP, as the restructuring advisor; and Paul, Hastings, Janofsky &
Walker LLP is the Company's counsel.  BMC Group is the claims and
notice agent.

As of June 30, 2009, FairPoint reported $3.24 billion in total
assets, $321.41 million in total current liabilities, $2.91
billion in total long-term liabilities, and $1.23 million in
stockholders' equity.

Andrews Kurth is counsel to the Official Committee of Unsecured
Creditors.  Altman Vilandrie is the operational consultant to the
Creditors' Committee.  Verrill Dana is the Creditors' Committee's
special regulatory counsel.  Jeffries serves as the Creditors'
Committee's financial advisor.

FairPoint Communications on January 24, 2011, successfully
completed its balance sheet restructuring and emerged from Chapter
11.  As a result of the restructuring, FairPoint has reduced its
outstanding debt by approximately 64%, from approximately $2.8
billion (including interest rate swap liabilities and accrued
interest) to approximately $1.0 billion.  In addition, the Company
has a $75 million revolving credit facility available for working
capital and general corporate purposes.  Existing stock in the
Company was cancelled and holders did not receive any
distributions.

                           *     *     *

This concludes the Troubled Company Reporter's coverage of
FairPoint Communications until facts and circumstances, if any
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


FIDELITY PROPERTIES: Wants to Sell Warming Acres Lot for $33.5T
---------------------------------------------------------------
Fidelity Properties Group LLC seeks permission from the U.S.
Bankruptcy Court for the Middle District of Florida to sell a lot
parcel known as Lot 4 of the Warming Acres Subdivision, located in
Hamilton County, Florida, to David J. Vargas III for $33,500.

The Debtor reveals that there is no existing mortgage on the
property and no broker is associated with the sale.

                   About Fidelity Properties

Orlando, Florida-based Fidelity Properties Group LLC owns 11 real
estate properties.  The Company filed for Chapter 11 protection on
April 1, 2010 (Bankr. M.D. Fla. Case No. 10-05510).  Lawrence M.
Kosto, Esq., Kosto & Rotella PA, in Orlando, Fla., represents the
Debtor in its restructuring effort.  The Company disclosed
$10,333,188 in assets and $3,593,828 in debts as of the Petition
Date.


FIRST FEDERAL: Incurs $4.03 Million Net Loss in 2010
----------------------------------------------------
First Federal Bancshares of Arkansas, Inc., filed with the U.S.
Securities and Exchange Commission its annual report on Form 10-K
reporting a net loss of $4.03 million on $29.82 million of total
interest income for the year ended Dec. 31, 2010, compared with a
net loss of $45.49 million on $36.04 million in total interest
income during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed $600.04
million in total assets, $563.92 million in total liabilities and
$36.12 million in total stockholders' equity.

BKD, LLP expressed substantial doubt about the bank holding
company's ability to continue as a going concern.  The accounting
firm noted that the Company has experienced significant losses in
recent years and has significant levels of nonperforming assets.
Furthermore, the Company has entered into a written agreement with
the Office of Thrift Supervision which requires the Company to
meet certain capital requirements by Dec. 31, 2010, which were not
met.

A full-text copy of the Annual Report is available for free at:

                        http://is.gd/695ZNw

              About First Federal Bancshares of Arkansas

First Federal Bancshares of Arkansas, Inc. (NASDAQ GM:FFBH)
-- http://www.ffbh.com/-- is a unitary savings and loan holding
company for First Federal Bank, a community bank serving consumers
and businesses with a full range of checking, savings, investment
and loan products and services.  The Bank, founded in 1934,
conducts business from 20 full-service branch locations, one
stand-alone loan production office, and 30 ATMs located in
Northcentral and Northwest Arkansas.


FISHER ISLAND: Involuntary Chapter 11 Case Summary
--------------------------------------------------
Alleged Debtor: Fisher Island Investments, Inc.
                One Fisher Island Dr.
                Miami Beach, FL 33109

Case Number: 11-17047

Involuntary Chapter 11 Petition Date: March 17, 2011

Court: U.S. Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

Debtor's Counsel: Pro Se

Petitioner's Counsel: Craig A. Pugatch, Esq.
                      RICE PUGATCH ROBINSON & SCHILLER, P.A.
                      101 NE 3 Ave #1800
                      Ft Lauderdale, FL 33301
                      Tel: (954) 462-8000
                      Fax: (954) 462-4300
                      E-mail: capugatch.ecf@rprslaw.com

Creditors who signed the Chapter 11 petition:

  Petitioners                  Nature of Claim    Claim Amount
  -----------                  ---------------    ------------
Solby & Westbrae Partners      Promissory Note    $15,639,375
c/o Craig Pugatch
101 NE Third Ave #1800
Ft Lauderdale, FL 33301

19 SHC, Corp                   Promissory Note    $13,249,020
c/o Joseph Paukman
1421 Sheepshead Bay Rd #186
Brooklyn, NY 11235

Ajna Brands, Inc               Invoicing for      $639,753
2510 Warren Ave                Lic. Services/
Cheyenne, WY 82001             Trade Debt

601/1700 NBC LLC               Promissory Note    $2,390,355
100 SE 2 St #2610
Miami, FL 33131

Axafina, Inc                   Trade Debt         $357,779
2510 Warren Ave
Cheyenne, WY 82001

Oxana Adler LLM                Prof. Fees         $161,352
c/o Sternik & Zelster
119 W 72 St #229
New York, NY 10023


FONTAINEBLEAU LV: Las Vegas Project to Remain Stalled
-----------------------------------------------------
There are no plans yet to complete the stalled Fontainebleau
Casino and Resort in Las Vegas, reports Las Vegas Sun, citing
Daniel Ninivaggi, president of Icahn Enterprises G.P. Inc.

"We're confident Las Vegas will come back at some point, but we
have no specific plans for the Fontainebleau at this time," Mr.
Ninivaggi told members of Nevada's Gaming Control Board.  Mr.
Ninivaggi appeared before the Board last month on a separate
licensing matter, Richard N. Velotta of the Las Vegas Sun says.

The report adds that when financier Carl Icahn acquired the
Fontainebleau property in November 2009, he said he expected to
hold onto it and not complete its construction until market
conditions improved.

Mr. Icahn has started selling off beds, dressers, TVs and other
furnishings from the stalled Fontainebleau project in October
2010.

                   About Fontainebleau Las Vegas

Fontainebleau Las Vegas -- http://www.fontainebleau.com/-- is
constructing a luxury resort, Fontainebleu Las Vegas, on the
northern end of the Las Vegas Strip.

Fontainebleau Las Vegas Holdings, LLC and its units filed for
Chapter 11 protection on June 9, 2009 (Bankr. S.D. Fla. Lead Case
No. 09-21481).   Scott L Baena, Esq., at Bilzin Sumberg Baena
Price & Axelrod LLP, represented the Debtors in their
restructuring effort.   The Debtors' claims agent is Kurtzman
Carson Consulting LLC.  Attorneys at Genovese Joblove & Battista,
P.A., and Fox Rothschild, LLP, represent the Official Committee of
Unsecured Creditors.  Fontainebleau Las Vegas LLC listed more than
$1 billion in debt and a similar amount in assets, while each of
Fontainebleau Las Vegas Capital Corp. and Fontainebleau Las Vegas
Holdings, LLC, listed less than $50,000 in assets and more than
$1 billion in debts.

In February 2010, Icahn Enterprises L.P. acquired from
Fontainebleau Las Vegas and certain affiliated entities, the
Fontainebleau property and improvements thereon located in Las
Vegas, Nevada, for an aggregate purchase price of around
$150 million.  The bankruptcy case was subsequently converted to
Chapter 7.

Soneet R. Kapila has been named the trustee for the Chapter 7 case
of Fontainebleau Las Vegas.


FONTAINEBLEAU LV: $31.96MM in Claims Change Hands in December
-------------------------------------------------------------
The Clerk of the Bankruptcy Court recorded the partial transfer of
20 claims totaling $31,955,792 for the period December 1 to 31,
2010, from Morgan Stanley Senior Funding Inc.:

  Transferee                        Claim No.    Claim Amount
  ----------                        ---------    ------------
  Brigade Leveraged Capital            388         $3,506,770
  Structures Fund Ltd.

  Brigade Leveraged Capital            475          3,506,770
  Structures Fund Ltd.

  Brigade Leveraged Capital            587          3,506,770
  Structures Fund Ltd.

  Brigade Leveraged Capital            371          1,955,792
  Structures Fund Ltd.

  Brigade Leveraged Capital            449          1,955,792
  Structures Fund Ltd.

  Brigade Leveraged Capital            569          1,955,792
  Structures Fund Ltd.

  Brigade Leveraged Capital            616          1,955,792
  Structures Fund Ltd.

  Brigade Leveraged Capital            616          1,955,792
  Structures Fund Ltd.

  Brigade Leveraged Capital            642          1,955,792
  Structures Fund Ltd.

  Brigade Leveraged Capital            682          1,955,792
  Structures Fund Ltd.

  Brigade Leveraged Capital            698          1,955,792
  Structures Fund Ltd.

  Brigade Leveraged Capital            709          1,955,792
  Structures Fund Ltd.

  Brigade Leveraged Capital            857          1,955,792
  Structures Fund Ltd.

  Brigade Leveraged Capital            224            208,617
  Structures Fund Ltd.

  Brigade Leveraged Capital            225            208,617
  Structures Fund Ltd.

  Brigade Leveraged Capital            226            208,617
  Structures Fund Ltd.

  Brigade Leveraged Capital            457            417,235
  Structures Fund Ltd.

  Brigade Leveraged Capital            565            417,235
  Structures Fund Ltd.

  Brigade Leveraged Capital            754            417,235
  Structures Fund Ltd.

  SOLA Ltd.                     562, 733, 375,             --
                                 815,819, 637

Susan Gutierrez, the Court's Deputy Clerk, notifies parties-in-
interest that pursuant to Rule 3001(e) of the Federal Rules of
Bankruptcy Procedure, evidence of the partial transfer of the
Claims has been filed with the Court.

                   About Fontainebleau Las Vegas

Fontainebleau Las Vegas -- http://www.fontainebleau.com/-- is
constructing a luxury resort, Fontainebleu Las Vegas, on the
northern end of the Las Vegas Strip.

Fontainebleau Las Vegas Holdings, LLC and its units filed for
Chapter 11 protection on June 9, 2009 (Bankr. S.D. Fla. Lead Case
No. 09-21481).   Scott L Baena, Esq., at Bilzin Sumberg Baena
Price & Axelrod LLP, represented the Debtors in their
restructuring effort.   The Debtors' claims agent is Kurtzman
Carson Consulting LLC.  Attorneys at Genovese Joblove & Battista,
P.A., and Fox Rothschild, LLP, represent the Official Committee of
Unsecured Creditors.  Fontainebleau Las Vegas LLC listed more than
$1 billion in debt and a similar amount in assets, while each of
Fontainebleau Las Vegas Capital Corp. and Fontainebleau Las Vegas
Holdings, LLC, listed less than $50,000 in assets and more than
$1 billion in debts.

In February 2010, Icahn Enterprises L.P. acquired from
Fontainebleau Las Vegas and certain affiliated entities, the
Fontainebleau property and improvements thereon located in Las
Vegas, Nevada, for an aggregate purchase price of around
$150 million.  The bankruptcy case was subsequently converted to
Chapter 7.

Soneet R. Kapila has been named the trustee for the Chapter 7 case
of Fontainebleau Las Vegas.


FORUM HEALTH: Creditors Barred From Recouping $12MM in Donations
----------------------------------------------------------------
Vindy.com reports that U.S. Bankruptcy Judge Kay Woods ruled that
unsecured creditors of Forum Health will not be allowed to siphon
off more than $12 million in unrestricted donations to charitable
foundations that supported Forum Health's Northside Medical Center
and Trumbull Memorial Hospital.

According to the report, the judge granted motions by the Western
Reserve Health Foundation and the Trumbull Memorial Hospital
Foundation to be dismissed from the Forum Health bankruptcy case.
"Unrestricted funds held by TMHF and WRHF cannot be used to pay
the creditors of other debtors.  TMHF and WRHF are separate and
distinct non-profit corporations, which have operated exclusively
for their charitable purposes," the report quotes Judge Woods as
saying.

The report relates that, in their motions to be dismissed from
bankruptcy, the foundations said they will no longer seek to
support the hospitals, now that a for-profit business owns them.
Rather, the foundations said they will seek to improve the health
status of the Youngstown-Warren community.

                        About Forum Health

Forum Health and its affiliates filed for Chapter 11 protection on
March 16, 2009 (Bankr. N.D. Ohio Lead Case No. 09-40795).  In its
petition, Forum Health estimated $100 million to $500 million in
assets and debts.

McDonald Hopkins LLC and Nadler, Nadler and Burdman Co., L.P.A.,
serve as the Debtors' chapter 11 co-counsel.  Huron Consulting
Services LLC is the Debtors' Chief Restructuring Officer and
Financial Support Personnel.  Houlihan Lokey Howard and Zukin
Capital, Inc. are the Debtors' investment bankers.  Ernst & Young
LLP is the Debtors' independent auditor.  Baker and Hostetler and
Thompson Hine LLP serve as special counsel.  Squire, Sanders &
Dempsey LLP serve as the bond counsel.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

Alston & Bird LLP serves as counsel to the Official Committee of
Unsecured Creditors.  Grant Thornton LLP is the financial advisor
to the Creditors Committee.


FRENCH BROAD: Obtains Court Nod to Sell N.C. Property for $680,000
------------------------------------------------------------------
French Broad Place LLC sought and obtained approval from the U.S.
Bankruptcy Court for the Western District of North Carolina to
sell condominium unit 310 at French Broad Place, 29 West Broad
Street, Brevard, North Carolina, free and clear of liens, to
Steven and Jill Gantz for $680,000.

The Debtor is in the business of selling condominium units at the
property known as French Broad Place, 29 West Broad Street,
Brevard, North Carolina.

The Debtor has entered into an offer to purchase and contract with
the Gantzes, a full-text copy of which is available for free at:

   http://bankrupt.com/misc/FrenchBroad_PurchaseContract.pdf

The Debtor says it will use the sales proceeds to pay secured
creditors, as provided in the DIP Loan, to pay the usual and
necessary costs of sale, and pay real estate commission to French
Broad Realty of 1.5% and Exit Mountain Realty of 3%.

                        About French Broad

French Broad Place LLC was formed for the development of a 48-unit
mixed used real estate community in downtown Brevard, North
Carolina.  The owners -- led by Scott Latell and Joshua Burdette
as managing members -- have over $4,500,000 of cash equity in the
development to date.  Appraisals conducted in the spring of 2010
valued the property from $10,500,000 to $12,5000,000.  Secured
claims by lenders exceed $14,000,000.

French Broad Place LLC filed for Chapter 11 bankruptcy protection
on March 25, 2010 (Bankr. W.D. N.C. Case No. 10-10335).  Edward C.
Hay, Jr., Esq., at Pitts, Hay & Hugenschmidt, P.A., represents the
Debtor.  The Company disclosed $20,171,100 in assets and
$14,395,245 in liabilities.


FULTON FISH: Files For Chapter 11 Bankruptcy Protection
-------------------------------------------------------
Crain's New York Business reports that the Fulton Fish Market, one
of the oldest fish wholesalers in Hunts Point, has filed for
Chapter 11 bankruptcy.  The company lost a lot business in 2009
and 2010.

The company hopes to recover from bankruptcy, but it is currently
more than $10 million in debt, the report says.

Fulton Fish Market is a family-run business, based in the Bronx,
delivers seafood, including whole fish, fillets, live shellfish
and breaded, smoked, canned or frozen products, to more than 1,000
customers in the tri-state area.


GLC LIMITED: Wants to Get Bank Records From James Donnan
--------------------------------------------------------
Ironton Tribune reports that GLC Limited, the parent company of
Global Liquidation, a business owned and operated by Gregory L.
and Linda L. Crabtree, wants to get its hands on the bank records
and local, state and federal incomes tax returns from 2007 to
present of James Donnan, a former Marshall University football
coach, and his wife, Mary.

According to the report, Mr. Donnan is listed individually as a
creditor as well as an officer with J &M Brands of Jacksonville,
Florida, and having an interest in Mountaineer Wings of Huntington
with Dr. Victor York of Chesapeake.  J&M is one of the 20 largest
unsecured creditors in the case, holding $588,500 in claims.  The
next largest claim is from Donnan Dyleski LLC of Watkinsville,
Georgia, at $550,000.  The representative listed is Todd Donnan,
James Donnan's son.

Proctorville, Ohio-based GLC Limited is principally a liquidation
company in the wholesale/retail distribution industry.  It offers
large selections of name brand products in many categories.  It
distributes its goods through a network of wholesale distributors,
retail chains and discount and surplus centers.  It owns four
warehouses for its goods which are located in Proctorville and
Columbus, Ohio and Huntington, West Virginia.

GLC filed for Chapter 11 bankruptcy protection on Feb. 28, 2011
(Bankr. S.D. Ohio Case No. 11-11090).  Ronald E. Gold, Esq., at
Frost Brown Todd LLC, serves as the Debtor's bankruptcy counsel.
The Debtor estimated its assets and debts at $10 million to
$50 million.

Creditors have until May 30, 2011, to file proofs of claim in the
case.  Governmental agencies have until Aug. 31, 2011.


GREAT ATLANTIC: Gets Shorter Exclusivity Extension; Until Aug. 31
-----------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York extended The Great Atlantic &
Pacific Tea Company, Inc.'s exclusive periods to file and solicit
acceptances for the proposed chapter 11 plan until Aug. 31, 2011,
and Oct. 31, respectively.

As reported by the Troubled Company Reporter, the Debtors want the
deadline for filing their Chapter 11 plan moved to Dec. 31, 2011,
and for soliciting votes from creditors to Feb. 29, 2012.

Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific (A&P) is a leading supermarket retailer, operating under a
variety of well-known trade names, or "banners" across the mid-
Atlantic and Northeastern United States.  It operates 395
supermarkets, combination food and drug stores, beer, wine, and
liquor stores, and limited assortment food stores in Connecticut,
Delaware, Massachusetts, Maryland, New Jersey, New York,
Pennsylvania, Virginia, and the District of Columbia.  "Banners"
include A&P (101 stores), Food Basics (12 stores), Pathmark (128
stores), Super Fresh (57 stores), The Food Emporium (16 stores),
and Waldbaum's (59 stores).

A&P employs roughly 41,000 employees, including roughly 28,000
part-time employees.  Roughly 95% of the workforce are covered by
collective bargaining agreements.

The Great Atlantic & Pacific Tea Company, Inc., and its affiliates
filed petitions under Chapter 11 of the U.S. Bankruptcy Code on
Dec. 12, 2010 (Bankr. S.D.N.Y. Case No. 10-24549) in White Plains.

As of Sept. 11, 2010, the Debtors reported total assets of
$2.5 billion and liabilities of $3.2 billion.

Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C.
Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J.
Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
serve as counsel to the Debtors.  Kurtzman Carson Consultants LLC
is the claims and notice agent.  Lazard Freres & Co. LLC is the
financial advisor.  Huron Consulting Group is the management
consultant.  Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and
Abhilash M. Raval, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represent the Official Committee of Unsecured Creditors.


GRUBB & ELLIS: Hires JMP Securities as Strategic Advisor
--------------------------------------------------------
Grubb & Ellis Company said that it has engaged JMP Securities to
explore strategic alternatives, including the potential sale or
merger of the company.

"The Board is pleased to formalize this engagement with JMP
Securities, which has an intimate working knowledge of our company
and each of our businesses," said C. Michael Kojaian, chairman of
the board.  "While the management team has made progress
restructuring the business and driving top-line growth, we believe
now is the time to explore opportunities on how to best leverage
the broad platform and capabilities of the company into an
improving market for the benefit of all stakeholders.  We have
received unsolicited inquiries, and decided that a formal process
is in the best interest of all of our constituents."

The Board also determined, as permitted, not to declare the
quarterly dividend to holders of its 12% Cumulative Participating
Perpetual Convertible Preferred Stock.

"A formal process to explore a transaction which affords the
company the opportunity to drive additional scale across our
platform is in the best interests of our corporate stakeholders,
clients, broker-dealer partners and Grubb & Ellis professionals.
We look forward to working with JMP in this process," said Thomas
P. D'Arcy, president and chief executive officer.

Grubb & Ellis Company (NYSE: GBE) -- http://www.grubb-ellis.com/
-- is one of the largest commercial real estate services and
investment companies in the world.  The Company is headquartered
in Santa Ana, California.

As reported in the Troubled Company Reporter on July 1, 2010,
Grubb & Ellis Company reported a net loss of $24.1 million on
$132.5 million of revenue for the three months ended March 31,
2010, compared with a net loss of $43.3 million on $122.2 million
of revenue for the same period of 2009.

The Company's balance sheet at March 31, 2010, showed
$346.0 million in assets, $263.4 million of liabilities, and
$90.1 million of 12% cumulative participating perpetual
convertible preferred stock, for a stockholders' deficit of
$7.5 million.


GULF & SOUTHERN: Files for Chapter 7 Bankruptcy Protection
----------------------------------------------------------
Dolly Brosan, staff writer at St. Petersburg Times, reports that
Gulf & Southern Mechanical Inc., 13112 Lynn Road, Tampa, filed for
Chapter 7 bankruptcy protection (Case No. 11-04164).

Gulf & Southern Mechanical Inc. offers trico mechanical
contractors, electrical mechanical contractors, dean mechanical
contractors, mainelli mechanical contractors and mechanical
engineering contractors.


HACIENDA GARDENS: Plan Outline Hearing Scheduled for April 21
-------------------------------------------------------------
The Hon. Charles Novack of the U.S. Bankruptcy Court for the
Northern District of California will convene a hearing on
April 21, 2011 at 11:00 a.m., to consider the adequacy of the
Disclosure Statement explaining Hacienda Gardens, LLC's Plan of
Reorganization.

At a Feb. 17 hearing, the Court granted the Debtor until March 10
to file an amended Chapter 11 plan and disclosure statement.
Otherwise, the Court would convert or dismiss the Debtor's case.

The Plan, filed on March 10, provides for extension of the
obligations currently due to FHB and Heritage Bank for 36 months
each after the Effective Date (unless repaid paid sooner).
Payments to Chase Bank will continue without modification.
Unsecured claimants are to receive the Center's net profits for
three years with a minimum dividend paid of $72,000 which will,
depending upon whether the insider claim of Mark Tersini is
voluntarily subordinated or not, provide a dividend of either 8.7%
(if not) to 25.9% (if it is) and the Rite Aid Lease is not
rejected. Priority and administrative claims, if any, will be paid
in full at the Effective Date unless they agree to another
treatment.

A full-text copy of the Amended Disclosure Statement is available
for free at http://bankrupt.com/misc/HACIENDAGARDENS_AmendedDS.pdf

As reported in the Troubled Company Reporter on Oct. 26, 2010,
under the Plan, the Debtor will utilize rents from the Center to
operate it and make all required payments under the Plan.  To the
extent that the funds are inadequate the Debtor will borrow or its
members will contribute adequate sums to perform the Plan.

The Center is a commercial shopping center situated upon
12.097 acres of land in San Jose, California.  Included in this
12.097 acres is approximately 124,246 square feet of commercial
leasable space as well as acreage zoned for a sizeable residential
development.

                   About Hacienda Gardens, LLC

Cupertino, California-based Hacienda Gardens, LLC, owns and
operates a commercial shopping center in San Jose, California.
The Debtor leases the Center under the Ground Leases from the
Rajkovich Family who own the underlying land.

The Company filed for Chapter 11 bankruptcy protection on May 24,
2010 (Bankr. N.D. Calif. Case No. 10-55423).  Heinz Binder, Esq.,
Robert G. Harris, Esq., and Roya Shakoori, Esq., at Binder &
Malter, LLP, in Santa Clara, Calif., represent the Debtor as
counsel.  The Company estimated assets and debts at $10 million to
$50 million.


HEADGEAR INC: Seeks to Sell Assets; Gets $3 Million Offer
---------------------------------------------------------
Tom Shean at The Virginian-Pilot reports that Headgear Inc. asked
the U.S. Bankruptcy Court on Thursday for permission to sell most
of its assets.  A prospective buyer agreed to pay $3 million
for the company's inventory, cash, accounts receivable, license
agreements, and other assets.

According to Mr. Shean, because it was strapped for cash, the
company said it was no longer able to sell its inventory or market
its brands.

According to the report, the entire $3 million that Adjmi agreed
to pay for Headgear's assets will go to RBC Bank, Headgear's
largest secured creditor.  The bank is owed slightly more than
$5 million on notes secured by liens.

Based in Virginia Beach, Virginia, Headgear Inc. is an apparel
distributor.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Va. Case No. 11-70127) on Jan. 12, 2011.
Judge Frank J. Santoro presides over the case.  Karen M. Crowley,
Esq., at Crowley, Liberatore, & Ryan P.C. represents the Debtor.
The Debtor estimated assets and debts between $1 million and
$10 million as of the Chapter 11 filing.


HERCULES OFFSHORE: Bank Debt Trades at 3% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Hercules Offshore
Inc. is a borrower traded in the secondary market at 97.17 cents-
on-the-dollar during the week ended Friday, March 18, 2011, a drop
of 1.96 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 650 basis points above LIBOR to borrow
under the facility.  The bank loan matures on July 11, 2013, and
carries Moody's Caa1 rating and Standard & Poor's B- rating.  The
loan is one of the biggest gainers and losers among 165 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

                     About Hercules Offshore

Hercules Offshore Inc. (NASDAQ: HERO) --
http://www.herculesoffshore.com/-- provides shallow-water
drilling and marine services to the oil and natural gas
exploration and production industry in the United States, Gulf of
Mexico and internationally.  The Company provides these services
to integrated energy companies, independent oil and natural gas
operators and national oil companies.  The Company operates in six
business segments: Domestic Offshore, International Offshore,
Inland, Domestic Liftboats, International Liftboats and Delta
Towing.

The Troubled Company Reporter said on November 17, 2010, Moody's
Investors Service downgraded the Corporate Family Rating of
Hercules Offshore Inc. and the Probability of Default Rating to
Caa1 from B2.  Moody's also downgraded Hercules' 10.5% senior
secured notes due 2017, its senior secured revolving credit
facility due 2012, and its senior secured term loan B due 2013,
all to Caa1 with LGD3, 45%.  The outlook remains negative.

"The inability of Hercules to generate meaningful free cash flow
despite limited reinvestment in its aging fleet of rigs is cause
for concern," commented Stuart Miller, Moody's Senior Analyst.
"Without a significant de-leveraging of its balance sheet,
Hercules is following a path that could lead to financial hardship
at the first sign of a market softening."  Hercules' Caa1 CFR
rating reflects its highly leveraged balance sheet and limited
ability to generate free cash flow.  The Caa1 rating on the senior
secured notes reflects their pari passu secured position in
Hercules' capital structure relative to the senior secured credit
facilities.


HERITAGE HIGHGATE: Cornerstone Investors' Claims Valued at Zero
---------------------------------------------------------------
John Yassile and the Cornerstone Investors took an appeal from the
May 6, 2010 Order of the Bankruptcy Court for the District of New
Jersey, which granted the motion of the Official Committee of
Unsecured Creditors in the bankruptcy cases of Heritage Highgate,
Inc. and Heritage-Twin Ponds, II, L.P., to determine the value of
the Cornerstone Investors' secured claims at zero, pursuant to 11
U.S.C. Sec. 506(a) and Rule 3012 of the Federal Rules of
Bankruptcy Procedure.  District Judge Jerome B. Simandle finds
that the Bankruptcy Court appropriately interpreted Sec. 506(a) in
valuing the claims and followed appropriate procedure under the
Federal Rules of Bankruptcy Procedure.  Accordingly, the District
Court affirms the Bankruptcy Court's order.

Prior to petitioning for Chapter 11 bankruptcy, the Debtors had
entered into various loan agreements with a group of individuals
and trusts known as the "Cornerstone Investors."  These loans were
secured by liens of equal priority on substantially all of the
Debtors' assets.  The Cornerstone Investors were owed roughly $1.4
million.

On Sept. 4, 2009, the Creditors Committee filed its Motion to
Determine the Value of the Secured Claims of Cornerstone
Investors.  The Committee argued that the Bankruptcy Court should
value the secured claims of the Cornerstone Investors at zero
because, based on an appraisal of the Highgate Project, the entire
Project, the collateral securing the Cornerstone Investors' liens,
was worth less than the senior secured claims of a group of bank
lenders, who hold a first priority lien on substantially all of
the Debtors' assets, leaving no collateral to secure the
Cornerstone Investor claims.

The appellate case is John Yaissle and Cornerstone Investors, et
al., v. Unsecured Creditors Committee, Civil No. 10-2837 (D.
N.J.).  A copy of the District Court's March 16, 2011 Opinion is
available at http://is.gd/Nds4MOfrom Leagle.com.

Heritage Highgate, Inc. and Heritage-Twin Ponds, II, L.P., own and
develop a residential subdivision in Lehigh County, Pennsylvania,
encompassing approximately 140 acres, known as the "Highgate."
They filed separate Chapter 11 petitions (Bankr. D. N.J. Case Nos.
09-11197 and 09-11198) on Jan. 20, 2009.


HERON LAKE: Reports $1.7 Million Net Income in Jan. 31 Quarter
--------------------------------------------------------------
Heron Lake BioEnergy, LLC, filed its quarterly report on Form
10-Q, reporting net income of $1.7 million on $39.2 million of
revenues for the three months ended Jan. 31, 2011, compared with
net income of $2.6 million  on $29.4 million of revenues for the
same period of the prior fiscal year.

The Company's balance sheet at Jan. 31, 2011, showed
$107.8 million in total assets, $60.7 million in total
liabilities, and members' equity of $47.1 million.

As reported in the TCR on Jan. 25, 2011, Boulay, Heutmaker, Zibell
& Co. P.L.L.P., in Minneapolis, Minn., expressed substantial doubt
about Heron Lake BioEnergy's ability to continue as a going
concern, following the Company's results for the fiscal year ended
October 31, 2010.  The independent auditors noted that the Company
has incurred negative operating cash flows of roughly $600,000 for
the fiscal year ending October 31, 2010, and was also out of
compliance with the minimum fixed charge coverage ratio covenant
of its master loan agreement with Agstar Financial Services, PCA.

At Jan. 31, 2011, the Company was in compliance with its
obligations under the master loan agreement and the amended
forbearance agreement and the covenants contained therein.
However, the Company anticipates that the owner equity ratio
covenant of the master loan agreement will not be met as of the
end of fiscal year 2011, unless amended.

A full-text copy of the Form 10-Q is available for free at:

              http://researcharchives.com/t/s?7566

Heron Lake, Minn.-based Heron Lake BioEnergy, LLC, is a Minnesota
limited liability company that was formed for the purpose of
constructing and operating a dry mill corn-based ethanol plant
near Heron Lake, Minnesota.  The plant has a stated capacity to
produce 50 million gallons of denatured fuel grade ethanol and
160,000 tons of dried distillers' grains per year.


HGI HOLDING: S&P Affirms Corporate Credit Rating at 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
corporate credit rating on Cleveland, Ohio-based HGI Holding Inc.
At the same time, S&P assigned a 'B+' issue-level and '2' recovery
rating to HGI Holding Inc.'s senior secured credit facility, which
consists of a $50 million revolver due 2015 and a $315 million
term loan B due 2016.  S&P also assigned a 'CCC+' issue-level
rating and '6' recovery rating to HGI's $150 million senior
unsecured notes due 2017.  The outlook is stable.

"The rating on HGI Holding Inc. reflects S&P's belief that the
medical products distributor company will maintain an aggressive
financial risk profile, characterized by high leverage and low
coverage of interest, while operating in a fragmented industry
that has low barriers to entry; consequently, S&P characterize HGI
Holding Inc.'s business risk profile as weak," said Standard &
Poor's credit analyst Michael Berrian.

HGI Holding operates in a very fragmented and competitive market
where its control over margins is limited.  Customers tend to be
price sensitive and suppliers often have significant negotiating
leverage because of their size and position in the distribution
channel.  HGI has long-standing relationships with many of its
managed care payor customers, but it remains susceptible to third-
party pricing pressures.  Since Medicare is a small portion of
total revenues (roughly 5%), the 9.5% cut that Medicare
implemented for certain categories in 2009 did not significantly
affect the company.  Also aiding the company, though, are the
economies of scale and the distribution to a large customer base.
While most of the chronic disease categories that HGI serves --
ostomy, diabetes, wound care, and urology -- require
nondiscretionary supplies, customers remain price sensitive,
especially under weaker economic conditions.  With the looming
threat of a double-dip recession, S&P expects those customers to
remain price sensitive over the near term.


HUGHES TELEMATICS: Incurs $89.56 Million Net Loss in 2010
---------------------------------------------------------
Hughes Telematics, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $89.56 million on $40.34 million of total revenues for the
year ended Dec. 31, 2010, compared with a net loss of $163.66
million on $33.04 million of total revenues during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $108.82
million in total assets, $171.18 million in total liabilities and
$62.36 million in total stockholders' deficit.

PricewaterhouseCoopers LLP noted that the Company has incurred
recurring losses from operations and has a net capital deficiency
that raises substantial doubt about the Company's ability to
continue as a going concern.

A full-text copy of the Annual Report is available for free at:

                        http://is.gd/Ssd3E2

                      About HUGHES Telematics

Atlanta, Ga.-based HUGHES Telematics, Inc. is a telematics
services company that provides a suite of real-time voice and data
communications services and applications for use in vehicles and
is developing additional applications for use within and outside
of the automotive industry.


HANMI FINANCIAL: Incurs $88.01 Million Net Loss in 2010
-------------------------------------------------------
Hanmi Financial Corporation filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $88.01 million on $144.51 million of total interest and
dividend income for the year ended Dec. 31, 2010, compared with a
net loss of $122.27 million on $184.14 million during the prior
year.

The Company's balance sheet at Dec. 31, 2010 showed $2.90 billion
in total assets, $2.73 billion in total liabilities and $173.26
million in total stockholders' equity.

                           Going Concern

The Company is required by federal regulatory authorities to
maintain adequate levels of capital to support its operations.
Hanmi Bank is also required to increase its capital and maintain
certain regulatory capital ratios prior to certain dates specified
in a Final Order issued by the California Department of Financial
Institutions.  By July 31, 2010, the Bank was required to increase
its contributed equity capital by not less than an additional $100
million and maintain a ratio of tangible stockholders' equity to
total tangible assets of at least 9.0%.

In addition, the Bank was also required to maintain a ratio of
tangible stockholders' equity to total tangible assets of at least
9.5 percent at Dec. 31, 2010 and until the Final Order is
terminated.

As a result of the successful completion of the registered rights
and best efforts offering in July 2010, the capital contribution
requirement set forth in the Final Order was satisfied.  However,
the tangible capital ratio requirement set for in the Final Order
has not been satisfied at Dec. 31, 2010. Further, should the
Company's asset quality continue to erode and require significant
additional provision for credit losses, resulting in added future
net operating losses at the Bank, or should the Company otherwise
fail to be profitable, the Company's capital levels will
additionally decline requiring the raising of more capital than
the amount currently required to satisfy the Company' agreements
with its regulators.

The Company said an inability to raise additional capital when
needed or comply with the terms of the Final Order or the Written
Agreement with the Board of Governors of the Federal Reserve
System, raises substantial doubt about its ability to continue as
a going concern.

The Company's independent registered public accounting firm in
their audit report for fiscal year 2010 has expressed substantial
doubt about the Company's ability to continue as a going concern.
Continued operations may depend on the Company's ability to comply
with the regulatory orders the Company is subject to.

A full-text copy of the Annual Report is available for free at:

                        http://is.gd/85V9N3

                       About Hanmi Financial

Headquartered in Los Angeles, California, Hanmi Financial Corp.
(Nasdaq: HAFC) -- http://www.hanmi.com/-- is the holding company
for Hanmi Bank, a state chartered bank with headquarters located
at 3660 Wilshire Boulevard, Penthouse Suite A, in Los Angeles.
Hanmi Bank provides services to the multi-ethnic communities of
California, with 27 full-service offices in Los Angeles, Orange,
San Bernardino, San Francisco, Santa Clara and San Diego counties,
and a loan production office in Washington State.


HAWKER BEECHCRAFT: Bank Debt Trades at 12% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which Hawker Beechcraft
is a borrower traded in the secondary market at 87.71 cents-on-
the-dollar during the week ended Friday, March 18, 2011, a drop of
1.73 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 200 basis points above LIBOR to borrow
under the facility.  The bank loan matures on March 26, 2014, and
carries Moody's Caa1 rating and Standard & Poor's CCC+ rating.
The loan is one of the biggest gainers and losers among 165 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

                     About Hawker Beechcraft

Hawker Beechcraft Acquisition Company, LLC, headquartered in
Wichita, Kansas, is a manufacturer of business jets, turboprops
and piston aircraft for corporations, governments and individuals
worldwide.

Hawker Beechcraft Acquisition Company LLC reported net sales for
the three months ended September 30, 2010, of $594.7 million, a
decrease of $163.0 million compared to the third quarter of 2009.
During the three months ended September 30, 2010, the Company
recorded an operating loss of $81.4 million, compared to an
operating loss of $721.1 million during the comparable period in
2009.  The improved operating loss versus the prior period was
primarily due to charges of $581.5 million related to asset
impairments recorded during the three months ended September 27,
2009.

The Company's balance sheet at June 27, 2010, showed $3.420
billion in total assets, $3.408 billion in total liabilities, and
stockholders' equity of $11.6 million.

Hawker Beechcraft reported a net loss of $56.8 million on $639.3
million of total sales for the three months ended June 27, 2010,
compared with net income of $172.2 million on $816.3 million of
sales for the three months ended June 28, 2009.

Hawker Beechcraft carries 'Caa2' corporate family and probability
of default ratings from Moody's Investors Service.


I-10 BARKER: First Amended Plan Confirmed by Texas Court
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
confirmed I-10 Barker Cypress, Ltd.'s First Amended Plan of
Reorganization on Feb. 15, 2011.

I-10 Barker delivered its First Amended Plan to the Court on
Feb. 10, 2011.  A corrected copy of the First Amended Plan was
subsequently filed on Feb. 11 to resolve certain parties' Plan
confirmation objections.

The confirmed Plan provides, among other things, that:

Class 1. Priority Claims and Pre-Petition Ad Valorem Tax Claims.
         Allowed Priority Claims will be paid in full, in cash,
         on (i) the Effective Date of the Plan; (ii) the date
         that is 10 Business Days after the date the Claim is
         Allowed, (iii) the date as may be agreed upon in writing
         by the holder of the claim and the Debtor; (iv) the date
         that is established by Texas statute as the date Ad
         Valorem Taxes are due and owing; or (v) the date of
         funding the sale of any Property.

         The liens securing the payment of the Class 1 Claims
         will remain on the Property until the Allowed Class 1
         Claims are paid in full.

Class 2. Secured Claim of Compass Bank. Compass will have an
         allowed secured claim in the amount of $17,300,866.92,
         as of February 9, 2011, with per diem interest accruing
         at the rate of $2,155.61384 thereafter until the
         Effective Date.  Compass will be paid its Allowed Claim
         in full, on or before September 1, 2011, or any
         applicable extension periods.  During the Reorganization
         Period, Compass will not exercise its right to foreclose
         on the Property, so long as there are no uncured
         defaults or breaches.

Class 3. Unsecured Claims (Trade Debt Equal to or Less than
         $1,000).  Each holder of an Allowed Unsecured Claim in
         Class 3 will receive payment on or before 30 days after
         the Effective Date in an amount equal to 100% of the
         Allowed Claim of each Unsecured Claimant in Class 3.

Class 4. Unsecured Claims (Exceeding $1,000).  Each holder of an
         Allowed Unsecured Claim in Class 4, consisting of
         Unsecured Claims exceeding One will receive payment in
         full, but in two installments.  The first installment
         will be made 30 days after the Effective Date in an
         amount equal to 50% the Allowed Claim of each Unsecured
         Claimant in Class 4.  The balance of the Claim will be
         paid 180 days after the Effective Date of the Plan.
         Alternatively, if a holder of an Allowed Class 4 Claim
         elects to reduce its claim to 75% of its Allowed Claim,
         it will be paid 10 days after the Effective Date.

Class 5. Pending State Court Litigation Claims.  The Pending
         State Court Litigation Claims have been stayed pursuant
         to 11 U.S.C. Section 362, and no request to lift the
         automatic stay has been filed.  Until such time as the
         Allowed Claims in Class 5 are adjudicated (either
         through the pending state court litigation or the
         claims objection process before the Bankruptcy Court,)
         the holders of the claims will receive no distributions
         under the Plan.  The Debtor reserves all rights of
         set-off in connection with any and all Class 5 claims.
         Class 5 is Unimpaired and will receive no distributions
         under the Plan.  In the event that it is determined that
         a holder of a Class 5 Claim has an Allowed Claim,
        (after all set-offs and credits to the Debtor) the
         Allowed Claim will be paid in accordance with the
         treatment of Class 4 creditors.

Class 6. Equity Interests.  On the Effective Date, all Equity
         Interests will be cancelled and extinguished.  New
         shares of stock will be issued to the holders of Equity
         Interests.  However, until all superior classes of
         claims are satisfied, holders of Class 6 Equity
         Interests will not receive or retain distributions or
         dividends on account of their Equity Interests.  Class 6
         is Impaired and is deemed to have accepted the Plan.

A full-text copy of the Confirmation Order and Corrected First
Amended Plan are available for free at:

              http://ResearchArchives.com/t/s?756c

As reported in the Troubled Company Reporter on Dec. 17, 2010,
I-10 Barker's proposed plan contemplate the sale of the Debtor's
83,000 square foot shopping center on 17.2 acres of commercial
land in Houston, Texas and the payment in full of all creditors.
The Property is 80% leased and has an appraised fair market value
of roughly $24 million.  New shares will be issued to the holders
of equity interests, in exchange for their existing interests
which will be canceled and extinguished.

                         About I-10 Barker

I-10 Barker Cypress, Ltd., is a Texas limited partnership with its
principal place of business in Houston, Harris County, Texas and
with offices in Houston, Harris County, Texas.  I-10 Baker owns an
83,000 square foot shopping center on 17.2 acres of commercial
land located in Houston, Texas.

I-10 Barker Cypress filed for Chapter 11 bankruptcy protection on
August 2, 2010 (Bankr. S.D. Tex. Case No. 10-36582).  James B.
Jameson, Esq., at James Jameson & Associates, serves as counsel to
the Debtor.  The Debtor disclosed $25,020,145 in assets
and $17,967,067 in liabilities in its Chapter 11 filing.


INOVA TECHNOLOGY: Expects to File Form 10-Q Report Today
--------------------------------------------------------
Inova Technology, Inc., informed the U.S. Securities and Exchange
Commission that it will not file its quarterly report on Form 10-Q
for the quarter ended Jan. 31, 2011, on the due date.  The Company
expects that the 10-Q filing will be complete and filed on or
before the amended due date of March 22, 2011.

                      About Inova Technology

Based in Las Vegas, Nevada, Inova Technology, Inc. (OTC BB: INVA)
-- http://www.inovatechnology.com/-- through its subsidiaries,
provides information technology (IT) consulting services in the
United States.  It also manufactures radio frequency
identification (RFID) equipment; and provides computer network
solutions.  The company was formerly known as Edgetech Services
Inc. and changed its name to Inova Technology, Inc., in 2007.

The Company's balance sheet at Oct. 31, 2010, showed
$11.03 million in total assets, $16.21 million in total
liabilities, and a stockholders' deficit of $5.17 million.

As reported in the Troubled Company Reporter on August 26, 2010,
MaloneBailey, LLP, in Houston, expressed substantial doubt about
the Company's ability to continue as a going concern, following
its results for the fiscal year ended April 30, 2010.  The
independent auditors noted that Inova incurred losses from
operations for fiscal 2010 and 2009 and has a working capital
deficit as of April 30, 2010.


INTEGRA BANK: Crowe Horwath Raises Going Concern Doubt
------------------------------------------------------
Integra Bank Corporation filed on March 15, 2011, its annual
report on Form 10-K for the fiscal year ended Dec. 31, 2010.

Crowe Horwath LLP, in Louisville, Kentucky, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company's cumulative net
loss to common shareholders from 2008 through 2010 exceeded
$430 million and the Company has negative shareholders' equity at
Dec. 31, 2010.  "These results are primarily due to asset
impairments, particularly loans.  The Company cannot currently
generate sufficient revenue to support its operating expenses and
the Company's bank subsidiary has not been able to achieve the
capital levels required by regulatory order.

The Company reported a net loss of $119.7 million on $49.6 million
of net interest income before provision for loan losses for 2010,
compared with a net loss of $191.2 million on $66.0 million of net
interest income before provision for loan losses for 2009.

As of Dec. 31, 2010, Integra Bank Corporation had $2.421 billion
in total assets, $2.440 billion in total liabilities, and a
stockholders' deficit of $18.8 million.

A full-text copy of the Form 10-K is available for free at:

               http://researcharchives.com/t/s?7569

                    About Integra Bank Corp.

Headquartered in Evansville, Indiana, Integra Bank Corporation
(Nasdaq CM: IBNK) -- http://www.integrabank.com/-- is the parent
of Integra Bank N.A.  Integra Bank currently operates 52
banking centers and 100 ATMs at locations in Indiana, Kentucky,
and Illinois.


ISTAR FINANCIAL: S&P Raises Counterparty Credit Rating to 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
counterparty credit rating on iStar Financial Inc. to 'B+' from
'CCC' and removed it from CreditWatch where it was placed with
positive implications on Feb. 23.  The outlook is stable.

"The upgrade reflects the company's closing of a $2.95 billion
senior secured credit facility, which it will use to refinance the
company's existing secured bank facilities and repay a portion of
the company's unsecured debt," said Standard & Poor's credit
analyst Jeffrey Zaun.  If S&P's analysis of the new secured
facility indicates 100% or more collateral coverage, S&P will rate
the issue 'BB-'.  If S&P's analysis of collateral indicates less
than 100% coverage, S&P will rate the issue 'B+'.

The severe credit-quality deterioration iStar suffered during the
downturn and a concentration in highly cyclical commercial real
estate continue to limit S&P's ratings on the company.
Improvement in the firm's capital levels and funding flexibility
partly offset these negative rating factors.  From 2007 through
2010, management was able to execute a rapid pull-back in
operations through a protracted and severe recession in CRE
markets.  Throughout this period, S&P's analysis has consistently
indicated that iStar would not become insolvent.  Nevertheless,
S&P lowered the rating to 'CCC' in July 2010 because a wall of
$6.5 billion in debt maturing in 2011 and 2012 called into
question management's ability to meet obligations on time without
entering into a distressed exchange.  Significant paydowns of that
debt, culminating in the proposed $2.95 billion refinancing
transaction, alleviate S&P's medium-term liquidity concerns.

As S&P enters second-quarter 2011, the firm remains vulnerable to
another downturn in CRE markets if the moderate improvement in
market funding for CRE assets reverses.  In the longer term,
management envisions returning to a balance sheet with low
leverage and unsecured funding for its CRE assets.  Mending the
firm's portfolio, however, will likely take an extended period.

S&P has factored into its rating the possibility that asset-
quality trends could deteriorate to the point that troubled loans
could increase and recovery values could drop.  If CRE markets
weaken, additional provisions could erode iStar's equity cushion
of $2.0 billion of adjusted total equity at Dec. 31, 2010.  S&P's
sensitivity analysis shows that iStar should still be able to
absorb significant losses.

Liquidity concerns figure prominently in S&P's analysis because
wholesale debt and securitization markets have proved vulnerable
to crises of confidence.  The recently closed $2.95 billion
financing will reduce near-term maturities to manageable levels --
2011 maturities are about $200 million and 2012 maturities are
$1.5 billion.  Funding commitments have declined to less than
$100 million per quarter while cash from repayments, collections,
and other real estate owned dispositions increased to $2.0 billion
in 2010 from $1.3 billion in 2009.  Finally, following this
transaction, S&P expects iStar to retain about $5.6 billion of
unencumbered assets against which management can borrow.

The stable outlook balances the company's vulnerability to a
downturn in CRE markets against its improved funding flexibility
and adequate capital.  S&P believes the debt refinancing provides
a much-needed reprieve to the firm's funding flexibility by
significantly reducing debt maturities.  Although iStar remains
vulnerable to a reversal in the improvement of CRE markets, its
medium-term funding and liquidity have stabilized.


IVANHOE ENERGY: Deloitte & Touche Raises Going Concern Doubt
------------------------------------------------------------
Ivanhoe Energy filed on March 16, 2011, its annual report on Form
10-K for the fiscal year ended Dec. 31, 2010.

Deloitte & Touche LLP, in Calgary, Canada, noted:

"Without qualifying our opinion, we draw attention to Note 2 in
the financial statements which indicates that the Company had an
accumulated deficit of $284.9 million and working capital of
$16.5 million at Dec. 31, 2010, and cash flow used in operating
activities of $17.8 million and a net loss of $29.1 million during
the year ended December 31, 2010.  These conditions, along with
other matters as set forth in Note 2, indicate the existence of a
material uncertainty that may cast significant doubt about the
Company's ability to continue as a going concern."

The Company reported a net loss of $29.1 million on $21.9 million
of revenue for 2010, compared with a net loss of $61.6 million on
$23.7 million of revenue for 2009.

The Company's balance sheet showed at Dec. 31, 2010, showed
$409.6 million in total assets, $85.5 million in total
liabilities, and stockholders' equity of $324.1 million.

A complete text of the Form 10-K is available for free at:

                       http://is.gd/lfxGgS

Based in Vancouver, British Columbia, Canada, Ivanhoe Energy Inc.
is an independent international heavy oil development and
production company focused on pursuing long term growth in its
reserve base and production using advanced technologies, including
its HTL(TM) technology.  Core operations are in Canada, Ecuador,
China and Mongolia, with business development opportunities
worldwide.  Ivanhoe is the listed parent company and is
responsible for Canadian operations.  Operations in Latin America
are conducted through Ivanhoe Energy Latin America Inc., while
activities in China and Southeast Asia are operated by Sunwing
Energy Ltd.


JAVO BEVERAGE: Plan Confirmation Hearing on April 28
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware on March 17
approved Javo Beverage Company, Inc.'s First Amended Disclosure
Statement in support of its First Amended Plan of Reorganization.

The Court will hold a hearing to consider confirmation of the Plan
on April 28.  Confirmation objections are due April 21.  Plan
votes are also due on the same day.

The Debtor filed a draft copy of the First Amended Disclosure
Statement on March 15.  After extensive negotiations between
counsel to the Creditors' Committee and counsel to Coffee Holdings
LLC, the parties reached a comprehensive settlement that
materially enhances the recovery to the unsecured creditors of
Javo Beverage, other than Holdings and its affiliates, proposed in
the Debtor's Plan filed with the Bankruptcy Court on Feb. 9, 2011.

This enhanced recovery improves treatment of holders of Allowed
General Unsecured Claims in Class 6 because such holders will
receive quarterly payments of principal and interest on the one
year GUC Promissory Notes, as opposed to the two semi-annual
payments proposed in the Initial Plan.

The Plan also greatly enhances recoveries to the Investors (other
than Holdings) holding Subordinated Unsecured Notes Claims
because, instead of receiving an uncertain percentage of the New
Common Stock, Investors will receive their pro rata share of (a)
10% of the New Common Stock with certain minority protections, and
(b) an $800,000 three-year note, bearing 5% interest with
quarterly interest payments.  Given the terms of the negotiated
settlement, it is the opinion of the Creditors' Committee that
confirmation and implementation of the Plan is in the best
interests of the Debtor's Estate and creditors.

A copy of the First Amended Disclosure Statement is available for
free at http://bankrupt.com/misc/JAVOBEVERAGE_AmendedDS.pdf

The Plan provides for (i) the emergence of the Debtor from
Chapter 11 bankruptcy as a Reorganized Debtor and the re-vesting
of the Debtor's assets in the Reorganized Debtor free and
clear of any liens, encumbrances or other interests (except as
otherwise provided in this Plan), (ii) the resolution of all
outstanding Claims against and Interests in the Debtor, and (iii)
the recapitalization of the Debtor's capital structure which will
provide the working capital the Debtor needs to continue to
operate and serve its customers.

Under the Plan, Classes 2, 3, 6, 7, 8, and 9 are deemed impaired,
and the votes from holders of Claims in those Classes will be
solicited with respect to the Plan.  With respect to the
Prepetition Factor Secured Claims under Class 2, the amount owed
as of the Petition Date of $1,459,816 will have been paid during
the Reorganization Case.  However, the Reorganized Debtor will
have to provide for the treatment of the Prepetition Factor Term
Loan in the estimated amount of $315,811, to be agreed upon by the
Prepetition Factor, the Debtor, and Holdings or other treatment
under the Bankruptcy Code.

The Bunn-O-Matic Secured Claims under Class 3, owed $1,193,440,
will be paid $379,140 on the Effective Date.  The remaining amount
of $814,300 will be paid in 3 equal installments, with interest at
8% p.a., commencing on the second month following the Plan
Effective Date.

General Unsecured Claims under Class 6, owed approximately
$2,500,000, will receive quarterly payments of principal and
interest on the one year GUC Promissory Notes, as opposed to the
two semi-annual payments proposed in the Initial Plan.

Senior Note Claims under Class 7, owed $6,026,523, will receive
46.8% of the New Common Stock of the Reorganized Debtor.

Holdings' Subordinated Note Claims under Class 8, owed
$12,075,616, will receive 18.7% of the New Common Stock of the
Reorganized Debtor.  Holdings is estimated to recover 19.9% of its
Class 8 claims.

Investors' Subordinated Note Claims under Class 9, owed
$11,095,470, will receive 10% of the New Common Stock of the
Reorganized Debtor and up to an $800,000 promissory note due in 3
years bearing interest at 5% with quarterly interest payments.
Holders of subordinated note claims under Class 9 are estimated to
recover 19.9% of their claims.  In lieu of receipt of new common
stock, investors in Class 9 are entitled to elect to receive a
cash payment from Holdings at a substantial discount as described
in Section VI.C6 on pages 29-30 of the disclosure statement.

Subordinated Notes and Section 510(b) Claims under Class 10, Old
Preferred Stock under Class 11, and Old Common Stock under Class
12, will be canceled, extinguished and discharged under the Plan.
Holders of Claims in these Classes are deemed to have rejected the
Plan and are not entitled to vote.

                        About Javo Beverage

Vista, California-based Javo Beverage Company, Inc., aka La Jolla
Fresh Squeezed Coffee Co., Inc., manufactures coffee and tea-based
dispensed beverages, drink mixes and flavor systems.  It filed for
Chapter 11 bankruptcy protection on Jan. 24, 2011 (Bankr. D. Del.
Case No. 11-10212).  Debra A. Riley, Esq., at Allen Matkins Leck
Gamble Mallory & Natsis LLP, serves as the Debtor's bankruptcy
counsel.  Robert J. Dehney, Esq., and Matthew B. Harvey, Esq., at
Morris, Nichols, Arsht & Tunnell LLP, is the Debtor's co-counsel.
Valcor Consulting LLC is the Debtor's financial advisor.  Kurtzman
Carson Consultants LLC is the Debtor's claims agent.  The Debtor
disclosed $14,659,681 in total assets and $26,705,755 in total
debts as of the Petition Date.

The Official Committee of Unsecured Creditors of Javo Beverage
Company Inc. has retained Richards, Layton & Finger P.A. as its
counsel and J.H. Cohn LLP as its financial advisor.


JOHN SIPES: Files For Chapter 7 Bankruptcy Protection
-----------------------------------------------------
Tulsa World Sports Extra reports that John David Sipes, 2258 E.
31st St., filed for Chapter 7 protection in the U.S. Bankruptcy
Court, Northern District, in Tulsa.  Mr. Sipes has assets of
$558,747; and debts of $1,301,145. Attorney Ron D. Brown
represents Mr. Sipes.


JOSEPH-BETH: Hearing Tomorrow to Consider Exclusivity Extension
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Kentucky
will convene a hearing on March 23, 2011 at 9:30 a.m. (ET), to
consider JB Booksellers, Inc., et al.'s request to extend their
exclusive periods to file and solicit acceptances for a proposed
chapter 11 plan.

As reported in the Troubled Company Reporter on Feb. 10, the
Debtors ask the Court to extend their exclusive periods until
April 29, and June 28, respectively.

The Debtors, their estates and creditors need additional time to
pursue an orderly plan process.

Pursuant to the agreed order between the Debtors and the Official
Committee of Unsecured Creditors, the Court extended the Debtors'
exclusive filing period from March 11, until March 24, and their
exclusive solicitation period from May 10, until May 23.

                            Dual Track

Andy Meek at The Daily New reports that Joseph-Beth Group has
decided it won't be able to submit a reorganization plan and is
putting its remaining bookstores up for sale.

Mr. Meek says in a court filing last week, Joseph-Beth Group said
it thinks the best course of action is to keep its remaining
stores operating while simultaneously putting them on the auction
block.

The report relates a group of Joseph-Beth creditors recently filed
a motion in court arguing the book chain should pursue a company
liquidation instead of a reorganization.

The Court will also consider the creditors committee's bid at the
March 23 hearing.  The creditors committee thinks the chain's days
are numbered and said the extension request should be denied.

According to a report by The Enquirer, Joseph-Beth expects to
emerge from bankruptcy by the end of April.  Since filing for
Chapter 11 bankruptcy in November, the firm has closed four
unprofitable stores and reduced corporate overhead expenses.  It
will soon undergo a valuation assessment to provide a basis for
which its owner, Neil Van Uum, or another party may purchase the
business at auction.

                   About Joseph-Beth Booksellers

Cincinnati, Ohio-based Joseph-Beth Booksellers, LLC, operated
seven bookstores and bookstore-cafes in Kentucky, Ohio,
Pennsylvania, North Carolina, and Virginia.  The Company filed for
Chapter 11 protection on Nov. 11, 2010 (Bankr. E.D. Ky. Case No.
10-53594).  The case is jointly administered with JB Booksellers,
Inc., (Bankr. Case No. 10-53593).  Ellen Arvin Kennedy, Esq., at
Dinsmore & Shohl, represents the Debtor.  The Debtor disclosed
assets of $15,941,680 and liabilities of $18,501,989 as of the
Chapter 11 filing.

Lowenstein Sandler PC and Frost Brown Todd LLC, serve as co-
counsels for Official Committee of Unsecured Creditors.  Traxi
LLC, serves as financial advisor to the Committee.


K-V PHARMACEUTICAL: To Sell $225 Million Sr. Secured Notes
----------------------------------------------------------
K-V Pharmaceutical Company on March 15, 2011, entered into
purchase agreements to sell $225 million aggregate principal
amount of senior secured notes due 2015 in a private placement.
The Notes will be guaranteed by the Company's domestic
subsidiaries.  The Notes will be issued at a price equal to 97% of
their face value and will accrue interest at an annual rate equal
to 12%, payable semiannually.

The Notes will mature March 15, 2015.  At any time prior to
March 15, 2013, the Company may redeem up to 35% of the aggregate
principal amount of the Notes at a redemption price of 112% of the
principal amount of the Notes, plus accrued and unpaid interest to
the redemption date, with the net cash proceeds of one or more
equity offerings.  At any time prior to March 15, 2013, the
Company may redeem all or part of the Notes at a redemption price
equal to (1) the sum of the present value, discounted to the
redemption date, of (i) a cash payment to be made on March 15,
2013 of 109% of the principal amount of the Notes, and (ii) each
interest payment that is scheduled to be made on or after the
redemption date and on or before March 15, 2013, plus (2) accrued
and unpaid interest to the redemption date.  At any time after
March 15, 2013 and before March 15, 2014, the Company may redeem
all or any portion of the Notes at a redemption price of 109% of
the principal amount of the Notes, plus accrued and unpaid
interest to the redemption date.  At any time after March 15,
2014, the Company may redeem all or any portion of the Notes at a
redemption price of 100% of the principal amount of the Notes,
plus accrued and unpaid interest to the redemption date.

The Notes were offered only to accredited investors pursuant to
Regulation D under the Securities Act of 1933, as amended.  The
Notes have not been registered under the Securities Act or any
state or other securities laws and may not be offered or sold in
the United States absent registration or an applicable exemption
from registration requirements of the Securities Act and
applicable state securities laws.

The Company intends to use the net proceeds from the offering of
the Notes to repay in full the Company's outstanding obligations
under its credit agreement with U.S. Healthcare I, L.L.C. and U.S.
Healthcare II, L.L.C. (including the payment of related premiums)
and terminate the related future loan commitments, to establish an
escrow reserve for one year of interest payments on the Notes and
for general corporate purposes.  The closing of the offering of
the Notes is subject to customary closing conditions.

                      About KV Pharmaceutical

KV Pharmaceutical Co., with headquarters in St. Louis, Missouri,
is a specialty pharmaceutical company that develops, manufactures
and markets innovative branded, quality generic/non-branded and
unique specialty ingredient products, utilizing proprietary drug
delivery technologies.  In addition to its comprehensive research
& development and manufacturing processes, KV has broad marketing
and sales capabilities through its two wholly owned subsidiaries,
Ther-Rx Corporation, marketing branded products and ETHEX
Corporation, marketing generic/non-branded products.

                         *     *     *

The Company reported a net loss of $283.6 million on
$152.2 million of net revenues for fiscal 2010, compared to a net
loss of $313.6 million on $312.3 million of net revenue for fiscal
2009.

The Company's balance sheet at June 30, 2010 showed
$315.48 million in total assets, $488.03 million in total
liabilities and a $172.55 million stockholders' deficit.

As reported in the Troubled Company Reporter on Jan. 3, 2011,
BDO USA, LLP, in Chicago, expressed substantial doubt about K-V
Pharmaceutical's ability to continue as a going concern, following
the Company's results for the fiscal year ended March 31, 2010.
The independent auditors noted that the Company has suspended the
shipment of all but one of the products manufactured by the
Company and must comply with a consent decree with the Food and
Drug Administration before approved products can be reintroduced
to the market.


LACK'S STORES: Sells Four Texas Properties for $5.7 Million
-----------------------------------------------------------
Judge Jeff Bohm of the U.S. Bankruptcy Court for the Southern
District of Texas entered separate orders authorizing Lack's
Stores, Inc. and its debtor-affiliates to sell certain real
properties, free and clear of all interests.

The Real Properties and their corresponding buyers and purchase
price are:

Real Property                                         Purchase
Location                    Buyers                       Price
-------------               ------                   ----------
2020 West Anderson Lane,    Peter Barlin             $3,100,000
Austin, Texas 78757

3110 H.G. Mosley Parkway    Triple J Investments     $1,200,000
Longview, Texas 75605       Inc.

1010 South Highway 35       Tim and Linda LaQuay       $800,000
Port Lavaca, Texas 77979

1814 East Main &            Southwest Strategies       $637,000
1818 East Main,             Group, Inc.
Alice, Texas 78332

In relation to the sales, intercompany lease agreements by and
between Lack's Stores, Incorporated, as tenant, and Lack
Properties, as landlord, are deemed terminated as of the effective
date of the sale transactions.

The Court also approved corresponding agreements of the parties in
relation to the property sales.  The Debtors are authorized to
consummate the sale in accordance with the terms and conditions of
each corresponding Sale Agreement.

Lack Properties is authorized to pay all closing costs and pro-
rated taxes owing to the Property to consummate the sales.

With respect to the LaQuay Sale and the Barlin Sale, Lack
Properties is authorized to pay a commission of 2.5% of the
purchase price to DJM Realty, LLC, and a commission of 2.5 of the
Purchase price to Russell Cain.

Triple J has informed the Debtors that it intends to assign its
interests in the Agreement to RVW Properties, LLC.  Despite the
assignment, Triple J will remain fully liable under the parties'
Agreement.

                      About Lack's Stores

Victoria, Texas-based Lack's Stores, Incorporated, is one of the
largest, independently owned retail furniture chains in the United
States.  Lack's Stores is a chain of 36 retail stores and operates
under the trade styles Lacks and Lacks Home Furnishings.  The
Company sells a complete line of furnishings for the home
including furniture, bedding, major appliances and home
electronics.  The stores are located in South, Central, and West
Texas.

Lack's Stores and its affiliates filed for Chapter 11 bankruptcy
protection on November 16, 2010 (Bankr. S.D. Tex. Lead Case No.
10-60149).  The Debtor disclosed $182,023,008 in assets and
$136,813,103 in liabilities as of the Chapter 11 filing.

Katherine D. Grissel, Esq., Michaela Christine Crocker, Esq., and
Richard H. London, Esq., at Vinson & Elkins LLP, serve as counsel
to the Debtor.  Huron Consulting Group, Inc., is the financial
advisor.

The Official Committee of Unsecured Creditors formed in the
Chapter 11 case has tapped Platzer, Swergold, Karlin, Levine,
Goldberg & Jaslow, LLP, as bankruptcy counsel; Strong Pipkin
Bissell & Ledyard, L.L.P., as local counsel; and The Conway Mac
Kenzie, Inc., is the financial advisor.


LAS VEGAS GAMING: Files for Chapter 7 Bankruptcy in Nevada
----------------------------------------------------------
Steve Green at The Las Vegas Sun reported that casino operator Las
Vegas Gaming Inc. filed for Chapter 7 bankruptcy protection in the
U.S. Bankruptcy Court for Nevada on March 10.  The Company listed
assets of $34,000 and liabilities of nearly $10.3 million.

According to the report, the company last year said it was in
danger of collapsing if it didn't find additional capital as it
sought approval to sell its "Nevada Numbers" keno operations.  The
keno business was sold to Session Gaming and its bingo business
was sold to GamingArts.

According to Mr. Green, Securities and Exchange Commission filings
said the company in March 2009 shut down its linked-progressive
mega jackpot games including Nevada Numbers, Super Bonanza Bingo
and Million Dollar Ticket because it had lost funding for the
$3.9 million jackpot bankroll.

The bankruptcy filing said the company owns patents with values
that are unknown, and that it generated $600,000 in gross revenue
in 2010, down from $3.8 million in 2009 and $4.8 million in 2008,
adds Mr. Green.

The filing was signed by former chairman of the board Russell
Roth.


LEGACY AT JORDAN: Cash Collateral Hearing Continued to April 18
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina continued the hearing to consider The Legacy at Jordan
Lake, LLC's request to continue using its prepetition lender's
cash collateral to April 18, 2011, at 1:00 p.m.

The Court previously authorized the Debtor to incur postpetition
financing and use cash collateral to continue the development of
the subdivision.  The Debtor owns certain lots and raw land which
comprises the residential subdivision known as The Legacy at
Jordan Lake.

Capital Bank is authorized to advance funds in the monthly amount
of $14,200 pursuant to its existing Secured financing arrangement
or through use of its cash collateral, the source of which is at
Capital Bank's sole discretion.

Prior to the bankruptcy filing, Capital Bank took a security
interest in the Debtor's assets, including cash being held in a
market account at Capital Bank with an approximate principal
balance as of the petition date of $500,000, plus accrued
interest.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors said that Capital Bank's liens on the
collateral securing the indebtedness will extend to its
postpetition assets.

                 About The Legacy at Jordan Lake

Headquartered in Apex, North Carolina, The Legacy at Jordan Lake,
LLC, filed for Chapter 11 bankruptcy protection on April 27, 2010
(Bankr. E.D. N.C. Case No. 10-03317).  Trawick H. Stubbs Jr.,
Esq., at Stubbs & Perdue, P.A., assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10 million to $50 million.


LEHMAN BROTHERS: More Than $3BB in Claims Changed Hands in Feb.
---------------------------------------------------------------
More than 200 claims totaling more than US$3 billion and
CHF100,000 changed hands in Lehman Brothers' bankruptcy cases in
February 2011.  Among the largest claims traded were:

  Transferor         Transferee           Claim No.  Claim Amount
  ---------          ----------           ---------  ------------
Credit Suisse        Credit Suisse AG       22813    $932,898,750
International

Credit Suisse        Credit Suisse AG       22843    $932,898,750
International

Credit Suisse        Credit Suisse AG       22852    $138,712,743
International

Credit Suisse        Credit Suisse AG       22854    $138,712,743
International

Barclays Bank Plc    CVI GVF Luxembourg     18219    $133,495,991
                     Twelve Sarl

Cassa Depositi e     Barclays Bank PLC      18219    $133,495,911
Prestiti S.p.A.

Luminant Energy      Merrill Lynch Credit   10228     $58,500,000
Company LLC          Products LLC

Luminant Energy      Merrill Lynch Credit   30074     $58,500,000
Company LLC          Products LLC

Drawbridge Global    Deutsche Bank AG       67311     $54,500,000
Macro Master Fund    London Branch

Drawbridge Global    Deutsche Bank AG       67312     $54,500,000
Macro Master Fund    London Branch

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Issues Subpoenas to Deutsche Bank
--------------------------------------------------
Lehman Brothers Holdings Inc. has served Deutsche Bank Trust
Company Americas with a subpoena requiring it to produce documents
by March 28, 2011, at the New York-based offices of Weil Gotshal &
Manges LLP.

The Debtors served the subpoena in accordance with the Court's
November 23, 2009 order, which authorized them to subpoena those
who may be put under investigation as part of the administration
of their Chapter 11 cases.  Among those who may be investigated
include former employees, lenders, investors, creditors and those
involved in the Debtors' various transactions.

The Debtors need the documents and information they would obtain
from the investigation to evaluate their financial status and
negotiate and propose their Chapter 11 plans.

In a related development, the Debtors filed with the Court a copy
of their stipulation with Greenlight Capital Inc., which contains
changes to the terms governing the handling of information the
latter may share with the Debtors in connection with the
investigation.

Pursuant to the amended terms, Greenlight's trading records and
strategies as well as its client or customer information all
constitute "confidential materials."

In case any confidential material is expected to be used in open
court or other public proceeding, the Debtors' and Greenlight's
lawyers must agree on a process to protect the confidentiality of
the documents or information.  If an agreement is not reached,
the parties are required to seek a ruling from the Court.

A full-text copy of the amended stipulation is available for free
at http://bankrupt.com/misc/LBHI_AmStipGreenlight.pdf

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Swedbank Books $204.5-Mil. Gain From Settlement
----------------------------------------------------------------
Swedbank AB said it booked gains of 1.3 billion Swedish kronor
(US$204.5 million) after agreeing to a deal with Lehman Brothers
Holdings Inc., and making loan recoveries in January and
February, Katarina Gustafsson and Niclas Rolander at Dow Jones
Newswires report.

Swedbank, according to the report, has now exchanged a number of
loans, and on Feb. 17 a bankruptcy court approved a claim for 566
million kronor on the bankruptcy estate.  That claim was sold in
the market, at an undisclosed price, the report said.

The remaining amount of loans relating to the repurchase
agreement with Lehman Brothers was $940 million, the report
noted.  Swedbank's Chief Risk Officer Goran Bronner said he
expects the amount to be around $700 million at the end of this
year, and $300 million to $400 million at the end of 2012, the
report said.

Swedbank also benefited from loan recoveries for January and
February of approximately 540 million kronor, due to a improved
credit quality in the Baltic countries and Eastern Europe, the
report further noted.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Taps Milbank to Review Tax Overcharges
-------------------------------------------------------
Lehman Brothers Holdings Inc. and its units seek the Court's
authority to employ Milbank Tweed Hadley & McCloy LLP as their
special counsel.

The Debtors tapped Milbank Tweed to review, through its Tax
Account and Analysis Recovery Services program, interest
determination made by the Internal Revenue Service and by taxing
agencies for LBHI and some domestic subsidiaries with respect to
their 1997 to 2007 tax years.

Specifically, Milbank will be tasked to determine if there are
overcharges of interest and penalties with respect to the Lehman
group's taxes and if there are credit balances or other account
errors.  The firm will also pursue administratively with the IRS
or the appropriate state or local agency the corrections it
identifies.

In return for its services, Milbank will be entitled to a payment
equal to (i) 15% of each correction with respect to federal taxes
for the first $25 million of corrections; (ii) 10% of each
correction from $25 million to $30 million; (iii) 5% of each
correction over $30 million; and (iv) 20% of each correction with
respect to state and local taxes.

Corrections include amounts refunded or credited to the Lehman
group or any of its members, offsets to or abatements of any
liability of the group, and interest saved by the group as the
result of any credit, offset or abatement.

In an affidavit, Glenn Gerstell, Esq., a partner at Milbank Tweed
Hadley & McCloy LLP, assures the Court that no conflict exists
with respect to the firm's employment as the Debtors' special
counsel and as the Official Committee of Unsecured Creditors'
legal counsel.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Taps Locke Lord for Suit vs. Mortgage Lenders
--------------------------------------------------------------
Lehman Brothers Holdings Inc. and its affiliates seek the Court's
authority to employ Locke, Lord, Bissell & Liddell LLP as their
special counsel effective July 1, 2010.

Locke Lord has previously provided legal services to the Debtors
as a professional utilized in the ordinary course of business.
Its fees and expenses, however, are expected to exceed the $1
million compensation cap for "ordinary course" professionals,
prompting the Debtors to hire the firm pursuant to Sections 327
of the Bankruptcy Code.

The firm will continue to provide the same services, including
representing LBHI in the prosecution of matters in which the
company sued correspondent lenders for selling defective mortgage
loans to its affiliate.

In return for its services, Locke Lord will be paid on an hourly
basis and will be reimbursed for its expenses.  The firm's hourly
rates are:

  Professionals           Hourly Rates
  -------------           ------------
  Partners                $425 - $705
  Associates              $245 - $420
  Other Professionals     $185 - $250

In a declaration, Robert Mowrey, Esq., at Locke Lord Bissell &
Liddell, assures the Court that his firm does not represent or
hold any interest adverse to the Debtors and their estates.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Taps Latham to Pursue Claims vs. Aegis
-------------------------------------------------------
Lehman Brothers Holdings Inc. seeks the U.S. Bankruptcy Court's
authority to expand the scope of services provided by its special
counsel, Latham & Watkins LLP.

LBHI wants the firm to provide additional services including the
prosecution of claims against Aegis Mortgage Corp. and its
affiliates.  Aegis Mortgage is an originator of residential
mortgage loans, some of which were conveyed to LBHI.

Prior to LBHI's bankruptcy filing, Latham & Watkins filed a claim
in the sum of $34 million against Aegis Mortgage on account of
the mortgage loans.  The claim was filed on behalf of Aurora Loan
Services LLC, a subsidiary of LBHI.

The Debtors previously obtained approval of the U.S. Bankruptcy
Court to employ Latham & Watkins LLP as their special counsel to
represent them in a workout of a number of loans made to entities
controlled by Alan J. Worden, and provide advice concerning the
matters raised in proofs of claim against LBHI, which LBREM Reit
Holdings LLC and El Toro LLC filed in 2009.  Latham & Watkins will
also represent Lehman Commercial Paper Inc. under various credit
agreements.

Latham & Watkins will be paid for its services on an hourly basis
and will be reimbursed for its expenses.  The firm's hourly rates
are:

  Professionals              Hourly Rates
  -------------             -------------
  Partners                  $780 - $1,090
  Counsel                     $755 - $885
  Associates                  $435 - $755
  Paralegals                  $190 - $340

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Wins OK to Hire Foster Graham as Counsel
---------------------------------------------------------
Lehman Brothers Holdings Inc. and its affiliated debtors received
approval of their application to employ Foster, Graham, Milstein &
Cailsher LLP as their special counsel.

Foster Graham has served as one of the "ordinary course"
professionals of the Debtors.  Its fees and expenses, however,
might exceed the $1 million compensation cap for OCPs, prompting
the Debtors to seek court approval to employ the firm pursuant to
Section 327 of the Bankruptcy Code.

As special counsel, the firm will continue to provide the same
services, which include pursuing loss recovery litigation and
representing LBHI in the defense of claims related to the
purchase, sale, transfer and securitization of mortgage loans.

Foster Graham will be paid for its services on an hourly basis
and will be reimbursed for its expenses.  The hourly rates for
the firm's professionals range from $325 to $425 for partners,
$225 to $325 for associates, and $100 to $150 for paralegals and
non-lawyer professionals.

In an affidavit, Daniel Calisher, Esq., at Foster Graham,
declares that the firm "is not currently adverse to the Debtors
or their affiliates."

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Fee Committee Proposes Godfrey as Counsel
----------------------------------------------------------
The committee overseeing the fees and expenses of professionals
retained in Lehman Brothers Holdings Inc.'s Chapter 11 cases,
seeks the Court's authority to employ Godfrey & Kahn S.C. as its
counsel.

The fee committee tapped the law firm to provide legal and
administrative support services including representing the
committee in connection with:

  (1) monitoring, reviewing or objecting to the fees and
      expenses of the retained professionals;

  (2) establishing measures to help the Court ensure that
      compensation and expenses paid are "reasonable, actual,
      and necessary;"

  (3) reviewing all monthly statements and fee applications
      submitted by the professionals since the bankruptcy
      filing;

  (4) interposing objections to and being heard in any hearing
      or other proceedings to consider applications for fees and
      reimbursement of expenses filed by the professionals to
      the extent permitted by the bankruptcy law;

  (5) serving objections to monthly statements, in whole or in
      part, precluding the payment of the amount questioned;

  (6) preparing applications in connection with the fee
      committee's retention of other professionals and
      consultants;

  (7) conducting discovery in the event of a contested matter
      between the fee committee and any professional;

  (8) negotiating with the professionals regarding objections to
      fee applications and monthly statements and resolving
      those objections;

  (9) presenting reports to the professionals with respect to
      the fee committee's review of applications before filing
      an objection to applications for compensation;

(10) filing summary reports periodically with the Court on the
      professionals' applications;

(11) establishing guidelines and requirements for the
      preparation and submission to the fee committee of non-
      binding budgets by the professionals; and

(12) attending meetings between the fee committee or its
      chairman and the professionals.

Godfrey & Kahn will be paid a flat fee of $250,000 each month.
Payment for the services of Richard Gitlin, who replaced Kenneth
Feinberg as fee committee's independent member, will be taken
from the flat fee.

The flat fee won't include the expenses of Godfrey & Kahn and the
independent member, or the fees and expenses of any other
consultants and auditors already retained by the fee committee or
subsequently retained.

The $250,000 monthly fee won't include the actual fees and
expenses incurred in connection with the appointment of the new
independent member and the Fee committee's counsel, resolution of
issues related to the applications for payment of fees and
reimbursement of expenses, among other things.

In an affidavit, Brady Williamson, Esq., a shareholder and member
of Godfrey & Kahn's board of directors, assures the Court that
his firm does not hold interest adverse to the Debtors and their
estates.

                      Fee Review Protocol

The Fee Review Committee has sought a court order approving
changes to the fee protocol.

Timothy Nixon, Esq., at Godfrey & Kahn S.C., in Milwaukee,
Wisconsin, says the proposed changes to the protocol "will
facilitate the discharge of the fee committee's duties and allow
for more efficient and timely resolution of disputes and issues."

Specifically, the proposed changes will allow the fee committee
to monitor, review and object to fee applications, ensure that
the fees and expenses paid to the professionals are "reasonable,
actual and necessary," among other things.

A full-text copy of the document containing the changes made to
the fee protocol is available without charge at:

    http://bankrupt.com/misc/LBHI_AmendedFeeProtocol.pdf

The Court will hold a hearing on April 13, 2011, to consider
approval of the request.  The deadline for filing objections is
April 5, 2011.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Merrill Lynch Wants Stay Relief
------------------------------------------------
Merrill Lynch Portfolio Management Inc. and Merrill Lynch Capital
Services Inc. ask the Court to lift the automatic stay in the
bankruptcy cases of Lehman Brothers Holdings Inc., to allow the
release of mortgages on an apartment building in Broward County,
Florida.

The Merrill entities sought the release of the mortgages
reportedly held by or for the benefit of Lehman Brothers Holdings
Inc. and Lehman Brothers Special Financing Inc. to consummate the
sale of the Brampton Court Apartments.

The property is part of the multi-family housing projects
acquired by Florida-based AHF-Bay Fund LLC through the proceeds
of the bonds it loaned from Capital Trust Agency.

AHF-Bay proposed to sell the property after it defaulted under an
agreement with Merrill Lynch Capital to make payments related to
the bonds issued by Capital Trust in connection with the housing
projects, and are currently owned by Merrill Lynch Portfolio.

The obligations owed under the Merrill bonds are secured by
senior mortgages encumbering the properties associated with the
housing projects.  Those properties are also encumbered by
subordinated mortgages held by or for the benefit of LBHI and
LBSF to secure obligations owed under another series of bonds
issued by Capital Trust and currently owned by LBHI.

Peter Barrett, Esq., at Kutak Rock LLP, in Richmond, Virginia,
says the income to be received by or for the benefit of the
Merrill Lynch entities from the sale of the property is not
sufficient to satisfy the obligations owed to them under the
Merrill bonds.

"Merrill, whose payment and lien positions are senior to the
Lehman Entities, is seeking to release or cause the release of
the mortgages held by or for the benefit of the Lehman entities
so that the sale of the Brampton project may be consummated," Mr.
Barrett says.

The Court will hold a hearing on April 13, 2011, to consider
approval of the request.  The deadline for filing objections is
April 6, 2011.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: District Court Dismisses Kuntz Appeal
------------------------------------------------------
Judge Paul Crotty of the U.S. District Court for the Southern
District of New York has ordered the dismissal of William Kuntz's
appeal from the November 10, 2010 bankruptcy court ruling, citing
the appellant's "failure to prosecute" the case.

Mr. Kuntz took the appeal to the District Court after Judge James
Peck, the bankruptcy judge who oversees the bankruptcy case of
Lehman Commercial Paper Inc. and its affiliates, issued the
November 10 order extinguishing his claims against the companies.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHR CONSTRUCTION: Chairman to Provide $1-Mil. DIP Loan
-------------------------------------------------------
Lehr Construction Corp. has sought interim court approval to
obtain up to $1 million in post-petition financing from Gerald
Lazar, chairman of the Company's board of directors.  The funds
will be used to pay the Company's operating expenses including
wages and salaries, according to its lawyer, James Beldner, Esq.,
at Cooley LLP, in New York.

Mr. Beldner says that obtaining new capital from third parties, if
available at all, would be "significantly more expensive" than
obtaining post-petition financing from Mr. Lazar.  He further says
that the pricing and fee structure of any alternative proposal
would be less favorable than that offered by the board chairman.

The proposed financing will be subordinate to all obligations
under the existing letter of credit dated May 5, 2010, and all
related obligations.  The liens created under the DIP financing
are subordinate to the liens held by Capital One Bank, Lehr
Construction's pre-bankruptcy lender.

The key terms of the DIP financing are:

     Borrowing Limit:     $1 million

     Interest Rate:       6% per annum, increasing to 8% upon
                          event of default until such event of
                          default is cured or waived.

     Maturity Date:       The later of (i) September 30, 2011 and
                          (ii) the date of entry of an order by
                          the bankruptcy court confirming any plan
                          of liquidation filed by Lehr
                          Construction.

     Events of Default:   Customary for post-petition financing
                          arrangements in Chapter 11 case.

     Liens:               (i) DIP liens on the collateral pursuant
                          to Section 364(c)(3) of the Bankruptcy
                          Code, provided that the DIP liens will
                          not be satisfied from proceeds of
                          actions arising under Chapter 5 (except
                          Section 549 of the Bankruptcy Code) and
                          that the DIP liens will be subordinate
                          in all respects to the liens currently
                          held by the prepetition lender.

                          (ii) Carve-Out: Accrued and unpaid fees
                          and expenses pursuant to the budget,
                          through delivery of "Carve-Out Notice."

     Fees:                There are no fees associated with the
                          DIP financing.

Aside from the DIP loan, Lehr Construction also sought court
approval to use Capital One's cash collateral.

As "adequate protection" to Capital One, the bank will be granted
a replacement lien on substantially all of Lehr Construction's
assets.  The replacement lien will be subject to the carve-out and
will be senior to the DIP liens.

Capital One will also be granted an allowed administrative claim
against Lehr Construction's estate, and will receive payment for
its fees and expenses incurred before or after Lehr Construction's
bankruptcy filing.

                            About Lehr

New York-based Lehr Construction Corp. was founded in 1979.  It
specializes in interior construction and serves clients mainly
throughout the New York metropolitan area.  It serves as
construction manager and general contractor for its clients

Lehr filed for Chapter 11 bankruptcy protection on Feb. 21, 2011
(Bankr. S.D.N.Y. Case No. 11-10723).  James A. Beldner, Esq., at
Cooley LLP, serves as the Debtor's bankruptcy counsel.  The Debtor
estimated its assets and debts at $10 million to $50 million.


LEHR CONSTRUCTION: Taps Cooley LLP as Attorney
----------------------------------------------
Lehr Construction Corp. asks the U.S. Bankruptcy Court for the
Southern District of New York for permission to employ Cooley
LLP as attorney.

   a) advise the Debtor with respect to its powers and duties as
      debtor and debtor in possession in the continued management
      and operation of its business and properties;

   b) attend meetings and negotiating with representatives of
      creditors and other parties in interest and advising and
      consulting on the conduct of this chapter 11 case, including
      all of the legal and administrative requirements of
      operating in chapter 11;

   c) take all necessary action to protect and preserve the
      Debtor's estate, throughout the orderly wind-down of the
      Debtor's operations including the prosecution of actions on
      behalf of the Debtor's estate, the defense of any actions
      commenced against the estate, negotiations concerning
      litigation in which the Debtor may be involved, and
      objections to claims filed against the estate;

   d) prepare, on behalf of the Debtor, motions, applications,
      answers, orders, reports, and papers necessary to the
      administration of the estate; and

   e) prepare and negotiate on the Debtor's behalf a wind-down
      plan and corresponding disclosure statement(s) and all
      related agreements and documents and taking any necessary
      action on behalf of the Debtor to obtain confirmation of
      the plan(s).

The firm's attorneys and their hourly rates:

      Attorney                    Designations     Hourly Rates
      --------                    ------------     ------------
      Lawrence C. Gottlieb, Esq.  Partner          $955
      James A. Beldner, Esq.      Partner          $850
      Alan Levine, Esq.           Partner          $955
      William J. Schwartz, Esq.   Partner          $925
      Lesley A. Kroupa, Esq.      Associate        $525
      Rebecca Goldstein           Paralegal        $245

The Debtor assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                            About Lehr

New York-based Lehr Construction Corp. was founded in 1979.  It
specializes in interior construction and serves clients mainly
throughout the New York metropolitan area.  It serves as
construction manager and general contractor for its clients

Lehr filed for Chapter 11 bankruptcy protection on Feb. 21, 2011
(Bankr. S.D.N.Y. Case No. 11-10723).  James A. Beldner, Esq., at
Cooley LLP, serves as the Debtor's bankruptcy counsel.  The Debtor
estimated its assets and debts at $10 million to $50 million.


LEHR CONSTRUCTION: US Trustee Forms Five-Member Creditor's Panel
----------------------------------------------------------------
Tracy Hope Davis, the United States Trustee for Region 2,
appointed five creditors to serve on the Official Committee of
Unsecured Creditors of Lehr Construction Corp.

The members of the Committee are:

   1) Robert Samuels, Inc.
      Attention: David I. Samuels, Executive Vice President
      253 West 35th Street
      New York, NY 10001
      Tel.: (212) 645-5150

   2) Superior Acoustics, Inc.
      Attention: Kenneth McGuffan, President
      148 Madison Avenue, Suite 600
      New York, NY 10016
      Tel.: (212) 685-4681

   3) Marlin, Inc.
      Attention: Richard Pellino, Vice President
      352 Seventh Avenue
      New York, NY 10007
      Tel.: (212) 967-2121

   4) Rockmor Electric Enterprises, Inc.
      Attention: Martin Rutowski, Vice President
      1042 39th Street
      Brooklyn, NY 11219
      Tel.: (718) 633-3700 & (917) 617-3751

   5) BP Mechanical Corp.
      Attention: Steven Heiderstadt, President
                 Jonathan Nast, Controller
      83-40 72nd Drive
      Glendale, NY 11385
      Tel.: (718) 383-2100

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at the Debtor's
expense.  They may investigate the Debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.  Those
committees will also attempt to negotiate the terms of a
consensual Chapter 11 plan -- almost always subject to the terms
of strict confidentiality agreements with the Debtors and other
core parties-in-interest.  If negotiations break down, the
Committee may ask the Bankruptcy Court to replace management with
an independent trustee.  If the Committee concludes reorganization
of the Debtor is impossible, the Committee will urge the
Bankruptcy Court to convert the Chapter 11 cases to a liquidation
proceeding.

                            About Lehr

New York-based Lehr Construction Corp. was founded in 1979.  It
specializes in interior construction and serves clients mainly
throughout the New York metropolitan area.  It serves as
construction manager and general contractor for its clients

Lehr filed for Chapter 11 bankruptcy protection on Feb. 21, 2011
(Bankr. S.D.N.Y. Case No. 11-10723).  James A. Beldner, Esq., at
Cooley LLP, serves as the Debtor's bankruptcy counsel.  The Debtor
estimated its assets and debts at $10 million to $50 million.


LEXARIA CORP: Chang Lee Raises Going Concern Doubt
--------------------------------------------------
Lexaria Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of $130,177 on $330,163 of revenue for the
three months ended Jan. 31, 2011, compared with a net loss of
$282,815 on $67,096 of revenue for the same period ended Jan. 31,
2010.

The Company's balance sheet as of Jan. 31, 2010, showed
$3.7 million in total assets, $1.6 million in total liabilities,
and stockholders' equity of $2.1 million.

Chang Lee LLP, in Vancouver, Canada, expressed substantial doubt
about Lexaria's ability to continue as a going concern,
following its results for the year ended Oct. 31, 2010.  The
independent auditors noted that the Company had recurring losses
and requires additional funds to maintain its planned operations.

A full-text copy of the Form 10-Q is available for free at:

               http://researcharchives.com/t/s?7567

                   About Lexaria Corporation

Based in Vancouver, British Columbia, Lexaria Corporation --
http://www.lexariaenergy.com/-- is an exploration and development
oil and gas company currently engaged in the exploration for and
development of petroleum and natural gas in North America.  The
Company's common stock is quoted on the OTC Bulletin Board under
the symbol "LXRP" and on the Canadian National Stock Exchange
under the symbol "LXX".


LIFE INSURANCE: A.M. Best Upgrades Issuer Credit Rating to 'bb+'
----------------------------------------------------------------
A.M. Best Co. has upgraded the issuer credit rating (ICR) to "bb+"
from "bb" and affirmed the financial strength rating of B (Fair)
of the Life Insurance Company of Louisiana (LICOL) (Shreveport,
LA).  The outlook for both ratings is stable.

The upgrading of the ICR reflects LICOL's strengthened risk-
adjusted capitalization, stabilization in earnings and synergies
to market its credit insurance products through an insurance
agency affiliate.  A.M. Best expects LICOL's risk-adjusted
capitalization will remain favorable to support its insurance and
investment risks profile.  Operating earnings also have stabilized
in recent years and have been supported by net investment income
and realized capital gains, as LICOL reduces its affiliated high
equity exposure.

Offsetting rating factors include LICOL's modest premium levels
and limited business profile, consisting of credit life and credit
accident and health products and challenges associated with
industry consolidation.  Additionally, the company is subject to
geographic concentration as its insurance products primarily are
written with auto dealerships and financial institutions within
northwestern and south central Louisiana.

LICOL also is subject to macroeconomic and regulatory pressures,
as well as competitive pressures from larger, more diversified
credit insurers, which may continue to limit its growth
opportunities.


LITTLE REST: Involuntary Chapter 11 Case Summary
------------------------------------------------
Alleged Debtor: Little Rest Twelve, Inc.
                aka Ajna Bar
                aka Buddha Bar NYC
                2413 Fisher Island Dr.
                Miami Beach, FL 33109

Case Number: 11-17061

Involuntary Chapter 11 Petition Date: March 17, 2011

Court: U.S. Bankruptcy Court
       Southern District of Florida (Miami)

Judge: A. Jay Cristol

Debtor's Counsel: Pro Se

Petitioner's Counsel: Craig A. Pugatch, Esq.
                      RICE PUGATCH ROBINSON & SCHILLER, P.A.
                      101 NE 3 Ave #1800
                      Ft Lauderdale, FL 33301
                      Tel: (954) 462-8000
                      Fax: (954) 462-4300
                      E-mail: capugatch.ecf@rprslaw.com

Creditors who signed the Chapter 11 petition:

  Petitioners                  Nature of Claim    Claim Amount
  -----------                  ---------------    ------------
Ajna Brands, Inc               Invoices for       $639,753
2510 Warren Ave                Lic. Services/
Cheyenne, WY 82001             Trade Debt

Axafina, Inc                   Trade Debt         $403,790
2510 Warren Ave
Cheyenne, WY 82001

Oxana Adler, LLM               Professional Fees  $161,352
136 E 64 St
New York, NY 10065

Solby+Westbrae Partners        Promissory Note    $15,639,375
c/o Craig Pugatch
101 NE Third Ave #1800
Ft Lauderdale, FL 33301

19 SHC, Corp                   Promissory Note    $13,249,020
c/o Joseph Paukman, Esq
1421 Sheepshead Bay Rd #186
Brooklyn, NY 11235

601/1700 NBC, LLC              Promissory Note    $2,390,355
100 SE 2 St #2610
Miami, FL 33131

Debtor-affiliates with Involuntary Chapter 11 petitions:

   Debtor                              Case No.  Petition Date
   ------                              --------  -------------
Fisher Island Investments, Inc.        11-17047    03/17/11
Mutual Benefits Offshore Fund, LTD     11-17051    03/17/11


LONE TREE: Has Until June 21 to File Chapter 11 Plan
----------------------------------------------------
The Hon. Redfield T. Baum of the U.S. Bankruptcy Court for the
District of Arizona extended the periods within which Lone Tree
Investments LLC has the exclusive right to file a Chapter 11 plan
and solicit acceptances of that plan until June 21, 2011.

                    About Lone Tree Investments

Lone Tree Investments, LLC, is the primary developer of Pine
Canyon, a 620-acre private residential golf course community in
Flagstaff, Arizona.  It also owns all of the undeveloped parcels
in the subdivision that are intended for future residential
housing.

Flagstaff Acquisitions, LLC, owns 99% of Lone Tree, and Central
and Osborn Properties, Inc., which serves as manager of Lone Tree,
owns the remaining 1%.

Creekside Village Homes, LLC, a wholly owned subsidiary of Lone
Tree, has constructed and sold 92 single-family homes within the
Creekside neighborhood of Pine Canyon.

Deer Creek Crossing, LLC, a wholly owned subsidiary of Lone Tree,
is the developer of the newest neighborhood in Pine Canyon.  It
was originally platted for 38 single-family residential lots and
marketed as another "turnkey" area.  No such sales have been made
and, recently, seven of the 38 parcels were re-platted to 11
"cabin" lots on which smaller single family residences could be
built.

Elk Pass, LLC, a wholly-owned subsidiary of Lone Tree, is
developing the initial townhome neighborhood of Pine Canyon.
There are 23 planned buildings, with two attached residences in
each.  Thirteen buildings (26 residences) have been constructed
and 24 of the residences have been sold.

Mountain Vista at Pine Canyon, LLC, a wholly owned subsidiary of
Lone Tree, is developing 60 condominiums at Pine Canyon.  Three of
the planned 15 four-unit buildings (12 unit's total) have been
completed and nine of those units have been sold.

Pine Canyon Golf, LLC, a wholly owned subsidiary of Lone Tree,
operates The Pine Canyon Club and owns no real property.  It
manages the Clubhouse, golf course, fitness center and spa, pro
shop, tennis courts, swimming pools, children's activities, and
other club amenities.

Lone Tree, together with its five affiliates, filed for Chapter 11
bankruptcy protection on August 24, 2010 (Bankr. D. Ariz. Lead
Case No. 10-26776).  Lone Tree estimated its assets at $50 million
to $100 million and debts at $10 million to $50 million.

Polsinelli Shughart, P.C., serves as the Debtors' bankruptcy
counsel.  The Debtors also tapped Gammage & Burnham, P.L.L.C, as
special counsel.  Udall Law Firm L.L.P. acts as special litigation
counsel.  The Debtors also hired Guest, Schutte, Cosper &
Ledbetter, L.L.P. to assist with the accounting during their
reorganization and review the Debtors' financial statements.

The U.S. Trustee was unable to appoint a Committee of Unsecured
Creditors.


LYONDELL CHEMICAL: Unit Settles $74MM Akzo Claim Over Glidden Sale
------------------------------------------------------------------
Bankruptcy Law360 reports that a Lyondell Chemical Co. affiliate
asked a New York bankruptcy court Friday to greenlight a
settlement that would release it from $73.5 million in
environmental and other contractual obligations in a dispute
related to the decades-old sale of Glidden Co.

According to Law360, the proposed settlement resolves, at zero
dollars, Akzo Nobel Paints LLC's $73.5 million proof of claim in
Lyondell affiliate Millennium Holdings LLC's bankruptcy case while
requiring Akzo Nobel to pay.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  Luxembourg-based Basell AF
and Lyondell Chemical Company merged operations in 2007 to form
LyondellBasell Industries, the world's third largest independent
chemical company.  LyondellBasell became saddled with debt as part
of the USUS$12.7 billion merger. Len Blavatnik's Access Industries
owned the Company prior to its bankruptcy filing.

On Jan. 6, 2009, LyondellBasell Industries' U.S. operations,
led by Lyondell Chemical Co., and one of its European holding
companies -- Basell Germany Holdings GmbH -- filed voluntary
petitions to reorganize under Chapter 11 of the U.S. Bankruptcy
Code to facilitate a restructuring of the company's debts.  The
case is In re Lyondell Chemical Company, et al., Bankr. S.D.N.Y.
Lead Case No. 09-10023).  Seventy-nine Lyondell entities filed for
Chapter 11. Luxembourg-based LyondellBasell Industries AF S.C.A.
and another affiliate were voluntarily added to Lyondell
Chemical's reorganization filing under Chapter 11 protection on
April 24, 2009.

Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in
New York, served as the Debtors' bankruptcy counsel.  Evercore
Partners served as financial advisors, and Alix Partners and its
subsidiary AP Services LLC, served as restructuring advisors.
AlixPartners' Kevin M. McShea acted as the Debtors' Chief
Restructuring Officer.  Clifford Chance LLP served as
restructuring advisors to the European entities.

LyondellBasell emerged from Chapter 11 bankruptcy protection in
May 2010, with a plan that provides the Company with US$3 billion
of opening liquidity.  A new parent company, LyondellBasell
Industries N.V., incorporated in the Netherlands, is the successor
of the former parent company, LyondellBasell Industries AF S.C.A.,
a Luxembourg company that is no longer part of LyondellBasell.
LyondellBasell Industries N.V. owns and operates substantially the
same businesses as the previous parent company, including
subsidiaries that were not involved in the bankruptcy cases.
LyondellBasell's corporate seat is Rotterdam, Netherlands, with
administrative offices in Houston and Rotterdam.


MAGIC BRANDS: Files Amended Chapter 11 Liquidation Plan
-------------------------------------------------------
Deel LLC, fka Magic Brands LLC, and its debtor-affiliates
delivered an amended disclosure statement explaining their amended
Chapter 11 plan of liquidation to the U.S. Bankruptcy Court for
the District of Delaware.  The Plan provides for, among other
things:

   i) classification and treatment of unclassified and classified
      claims and interests;

  ii) substantive consolidation of the assets and liabilities of
      all of the Debtors for voting and distribution purposes
      only;

iii) the creation of the Liquidating Trust and appointment of the
      liquidating trustee to make distributions to holders of
      allowed claims from the proceeds from the liquidation of the
      Debtors' Assets and oversee the winding down of the Debtors'
      estates; and

  iv) reconciliation of claims and prosecution of rights of
      action.

The Debtors estimate that Cash to be transferred to the
liquidating trust for distribution to holders of allowed claims
will be approximately $17,500,000 to $18,000,000, as of the
effective date of the Plan.

Under the plan, holders of general unsecured claims, owing between
$24.3 million and $37.2 million, are expected to recover between
37.4% and 61.% of their allowed claims.  Holders of secured
claims, owing $26,000, and holders of convenience claims will both
get 100% of their allowed claims.  Holders of subordinated claims
and equity interests will not get any distribution.

Brosna International LLC, fka Fuddruckers International LLC, has
objected to the Debtor's amended disclosure statement, arguing
that it does not contain "adequate information" as required by
Section 1125 of the Bankruptcy Code but the Debtors said
otherwise.  Pepper Hamilton LLP of Wilmington, Delaware,
represents Brosna International.

As reported in the Monday edition of the Troubled Company
Reporter, Judge Brendan L. Shannon extended the Debtors' exclusive
period to solicit acceptances of their Chapter 11 plan of
liquidation until June 20, 2011.

The Debtors sought this extension to enable both them and the
Official Committee of Unsecured Creditors to focus on confirming
the Plan that the Debtors have filed.

                        About Magic Brands

Headquartered in Austin, Texas, Magic Brands, LLC --
http://www.fuddruckers.com/-- operated 62 Fuddruckers locations
in 11 states and 3 Koo Koo Roo restaurants in California.

Magic Brands and its operating units filed for Chapter 11
protection on April 21, 2010 (Bankr. D. Del. Lead Case No.
10-11310).  It estimated assets of up to $10 million and debts at
$10 million to $50 million in its Chapter 11 petition.  Affiliate
Fuddruckers, Inc., also filed, estimating assets and debts at
$50 million to $100 million.

FocalPoint Securities, LLC, serves as investment banker to Magic
Brands, and Goulston & Storrs serves as lead bankruptcy counsel.
Kurtzman Carson Consultants, LLC, is the claims and notice agent.

The Official Committee of Unsecured Creditors has tapped Kelley
Drye & Warren LLP as counsel and Klehr Harrison Harvey Branzburg
LLP as co-counsel.

Magic Brands in July 2010 closed the sale of the Fuddruckers
stores and franchise business to restaurant operator Luby's Inc.
for $63.5 million.

Magic Brands, which has changed its name to Deel LLC following the
Luby's sale, filed a liquidating Chapter 11 plan on Jan. 18.  Bill
Rochelle, the bankruptcy columnist for Bloomberg News, said the
Disclosure Statement explaining the Plan indicated that unsecured
creditors should have a "meaningful recovery."  Mr. Rochelle said
there are blanks in the disclosure statement where creditors later
will be told the expected percentage of their recovery.

The Bankruptcy Court was slated to consider approval of the
disclosure statement on March 21.

                        About Magic Brands

Headquartered in Austin, Texas, Magic Brands, LLC --
http://www.fuddruckers.com/-- operated 62 Fuddruckers locations
in 11 states and 3 Koo Koo Roo restaurants in California.

Magic Brands and its operating units filed for Chapter 11
protection on April 21, 2010 (Bankr. D. Del. Lead Case No.
10-11310).  It estimated assets of up to $10 million and debts at
$10 million to $50 million in its Chapter 11 petition.  Affiliate
Fuddruckers, Inc., also filed, estimating assets and debts at
$50 million to $100 million.

FocalPoint Securities, LLC, serves as investment banker to Magic
Brands, and Goulston & Storrs serves as lead bankruptcy counsel.
Kurtzman Carson Consultants, LLC, is the claims and notice agent.

The Official Committee of Unsecured Creditors has tapped Kelley
Drye & Warren LLP as counsel and Klehr Harrison Harvey Branzburg
LLP as co-counsel.

Magic Brands in July 2010 closed the sale of the Fuddruckers
stores and franchise business to restaurant operator Luby's Inc.
for $63.5 million.

Magic Brands, which has changed its name to Deel LLC following the
Luby's sale, filed a liquidating Chapter 11 plan on Jan. 18.  Bill
Rochelle, the bankruptcy columnist for Bloomberg News, said the
Disclosure Statement explaining the Plan indicated that unsecured
creditors should have a "meaningful recovery."  Mr. Rochelle said
there are blanks in the disclosure statement where creditors later
will be told the expected percentage of their recovery.

The Bankruptcy Court will convene a hearing on March 21, 2011, to
consider adequacy of disclosure statement explaining the Plan of
Liquidation.


MAJESTIC CAPITAL: Mulls Bankruptcy After Merger Deal Collapsed
--------------------------------------------------------------
Majestic Capital, Ltd., said Monday that Bayside Capital Partners
LLC has terminated the previously announced merger agreement with
Majestic Capital.  In its termination notice, Bayside cited a
material deterioration in Majestic Capital's capital surplus, an
inability to secure regulatory approval for the merger, and a
failure to satisfy the closing condition with respect to
termination of Majestic Capital's lease for office space in
Poughkeepsie, New York on terms acceptable to Bayside.  As a
result of Bayside's termination of the merger agreement, Majestic
Capital's previously scheduled Special General Meeting of
Shareholders to vote on the merger agreement scheduled for
March 28, 2011 has been cancelled.

The failure to complete the merger with Bayside is expected to
result in a downgrade of Majestic Insurance Company's "B++"
financial strength rating and a conservation proceeding by the
California Department of Insurance.  As a result, Majestic Capital
and its subsidiaries expect to seek protection under applicable
United States and Bermuda bankruptcy and other similar laws for
the protection of creditors.

Majestic Insurance Company, Majestic Capital's wholly-owned
insurance subsidiary, has entered into a non-binding letter of
intent with AmTrust Financial Services, Inc., by which Majestic
Insurance Company would sell AmTrust its renewal rights and
AmTrust would assume Majestic Insurance Company's loss reserves
and in-force insurance business through a loss portfolio transfer
and 100% quota share reinsurance agreement.  The transactions
contemplated by the letter of intent are subject to negotiation
and execution of definitive agreements and approval by the
California Department of Insurance.  Majestic Insurance Company
has granted AmTrust an exclusivity period until the earlier of
June 20, 2011 and the commencement of a conservation proceeding.
The proposed transactions by Majestic Insurance Company with
AmTrust are not expected to yield any amounts that would be
available for distribution to shareholders of Majestic Capital.

Pending the closing of the transactions, Majestic Insurance
Company will arrange for workers' compensation insurance policies
to be underwritten by the AmTrust group companies and reinsured by
Majestic Insurance Company under the previously announced 90%
quota share reinsurance agreement.

                   About Majestic Capital, Ltd.

Majestic Capital, Ltd., formerly known as CRM Holdings,
Ltd.(Nasdaq: MAJC) -- http://www.MajesticCapital.com/-- through
its subsidiaries, is a specialty provider of workers' compensation
insurance products.  The Company's workers' compensation insurance
coverage is offered to employers in California, New York, New
Jersey, Arizona, Nevada, and other states.

On May 5, 2010, CRM Holdings, Ltd. held its 2010 Annual General
Meeting of Shareholders, at which the shareholders voted on and
approved changing the name of CRM Holdings, Ltd. to Majestic
Capital, Ltd.  In addition, the name of CRM USA Holdings Inc. was
changed to Majestic USA Capital, Inc.


MATERA RIDGE: Hearing on Case Dismissal Continued to April 20
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada has continued
to April 20, 2011, at 2:00 p.m., the hearing to consider the
motion to convert the Chapter 11 case of Matera Ridge LLC to a
case under Chapter 7 of the Bankruptcy Code or dismiss the case
based upon the Debtor's failure to comply with statutory
requirements.

As reported in the Troubled Company Reporter on Feb. 3, August B.
Landis, Acting United States Trustee for Region 17, argued that
the Debtor failed to:

   -- file all requisite reports during the pendency of the
      bankruptcy proceeding;

   -- timely pay quarterly fees;

   -- file a disclosure statement, or to file and confirm a plan
      of reorganization; and

   -- rehabilitate its business and has continually incurred
      losses.

                        About Matera Ridge

Reno, Nevada-based Matera Ridge, LLC, filed for Chapter 11
bankruptcy protection on March 10, 2010 (Bankr. D. Nev. Case No.
10-50749).  Stephens R. Harris, Esq., at Belding, Harris &
Petroni, Ltd. represents the Debtor in its restructuring effort.
The Company estimated assets and debts at $10 million to
$50 million.


MEDICAL ALARM: Incurs $493,420 Net Loss in Dec. 31 Quarter
----------------------------------------------------------
Medical Alarm Concepts Holding, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q reporting a net loss of $493,420 on $106,700 of revenue for
the three months ended Dec. 31, 2010, compared with a net loss of
$19.93 million on $332,829 of revenue for the same period during
the prior year.  The Company also reported a net loss of $560,213
on $201,333 of revenue for the six months ended Dec. 31, 2010,
compared with a net loss of $20.72 million on $332,829 of revenue
for the same period during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.53 million
in total assets, $3.58 million in total liabilities and $2.05
million in total stockholders' deficit.

A full-text copy of the Quarterly Report is available for free at:

                        http://is.gd/gpC3aT

                        About Medical Alarm

Plymouth Meeting, Pa.-based Medical Alarm Concepts Holding, Inc.,
utilizes new technology in the medical alarm industry to provide
24-hour personal response monitoring services and related products
to subscribers with medical or age-related conditions.

Li & Company, PC, in Skillman, N.J., expressed substantial doubt
about Medical Alarm Concepts Holding, Inc.'s ability to continue
as a going concern, following the Company's results for the fiscal
year ended June 30, 2010.  The independent auditors noted that the
Company had an accumulated deficit at June 30, 2010, and had net
loss and net cash used in operating activities for the fiscal year
then ended, respectively.


MERIT LIFE: A.M. Best Cuts Financial Strength Rating to 'B'
-----------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating (FSR)
to B (Fair) from A- (Excellent) and issuer credit rating (ICR) to
"bb+" from "a-" of Merit Life Insurance Company (Merit).  At the
same time, A.M. Best has downgraded the FSR to B (Fair) from A
(Excellent) and ICR to "bb+" from "a" of Yosemite Insurance
Company (Yosemite).  Both companies are based in Evansville, IN.
All ratings have been removed from under review with developing
implications and assigned a stable outlook.

Although Merit and Yosemite are fundamentally sound in terms of
risk-adjusted capitalization and core operating earnings, these
rating actions reflect the drag of their parent, Springleaf
Finance Corporation (formerly American General Finance
Corporation), a below investment-grade consumer finance company,
whose operating flexibility and business profile have been
challenged by the credit crisis of 2008 and the subsequent
difficult macro-economic environment.

Springleaf Finance Corporation is a subsidiary of AGF Holding,
Inc., which was sold on November 30, 2010, to FCFI Acquisitions
LLC, a single-purpose entity owned by several investment funds
managed by Fortress Investment Group, LLC.

While the absolute level of capital and surplus has declined at
Merit as a result of extraordinary cash dividends paid to its
parent and investment losses associated with the recent financial
crisis, the company maintains a strong level of risk-adjusted
capitalization.  In addition, Merit maintains an adequate
liquidity position.

Merit benefits from access to its parent's captive distribution
channel, which has a broad national presence.  However, the fact
that Merit utilizes a single distribution channel also was an
offsetting factor considered for the ratings.  Further offsetting
these positive rating factors is the considerable decline in
Merit's premiums in recent years due to the recessionary economic
environment and a strategic decision by its parent to reduce the
volume of loans in order to conserve capital.

Yosemite maintains a level of risk-adjusted capitalization that is
well supportive of its ratings and continues to produce operating
results that significantly outperform its peer composite.
Yosemite also has liquidity levels at or above the composite
average.  As with Merit, the absolute level of risk-adjusted
capital and surplus has decreased due to payment of shareholder
dividends in 2008 and 2009.  Nevertheless, the company has
consistently produced favorable levels of underwriting and
investment income, which have contributed to the organic strength
of its surplus position.  The advantages and disadvantages of the
company's captive distribution channel also were factors
considered in the ratings.


MICROBILT CORPORATION: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: MicroBilt Corporation
        100 Canal Pointe Boulevard, Suite 208
        Princeton, NJ 08540

Bankruptcy Case No.: 11-18143

Chapter 11 Petition Date: March 18, 2011

Court: U.S. Bankruptcy Court
       District of New Jersey (Trenton)

Debtor's Counsel: Jeffrey D. Prol, Esq.
                  LOWENSTEIN SANDLER PC
                  65 Livingston Avenue
                  Roseland, NJ 07068
                  Tel: (973) 597-2500
                  E-mail: jprol@lowenstein.com

Estimated Assets: $10,000,001 to $50,000,000

Estimated Debts: $10,000,001 to $50,000,000

The Company did not file a list of creditors together with its
petition.

The petition was signed by Walter Wojciechowski, CEO/president.


MILLENNIUM MULTIPLE: Has OK to Assume Life Insurance Policies
-------------------------------------------------------------
Millennium Multiple Employer Welfare Benefit Plan, together with
the Official Committee of Unsecured Creditors, sought and obtained
authorization from the U.S. Bankruptcy Court for the Western
District of Oklahoma to assume all life insurance policies.

Included in the policies to be assumed by the Debtor are those
of dozens of current, former, or alleged plan participants who
sued the Debtor and asserted claims against the Debtor relating
to its prepetition operations, collectively seeking more than
$150 million in damages.  In 2009 several of the insurers, who
collectively hold more than 80% of the Debtor's assets in the form
of the cash surrender value in the policies, filed interpleader
actions in the Court.  Simultaneous with the filing, the insurers
took the position that they would no longer allow the Debtor
access to its assets held within the policies.  Although the
Debtor has a net worth in excess of $85 million, it was unable to
obtain access to a large portion of those funds.

The Debtors said that the assumption of the policies will benefit
the estate by, inter alia, allowing the Debtor to continue to fund
its operations, to fund a proposed plan of reorganization, and to
fund a settlement agreement, which resolves many longstanding and
costly disputes between the Debtor and the Litigation Claimants.
The Debtor, the Committee and the Litigation Claimants believe
that it is in the best interests of the Debtor, its estate and
creditors to enter into the Settlement Agreement, and for the
Debtor to assume the policies in order to implement the settlement
agreement.

There is currently no cure required under the policies, as the
premium of each of the policies is paid current.  The equity in
the policies provides adequate assurance of the Debtor's future
performance under the policies.

Aviva Life and Annuity Company, joined by American General Life
Insurance Company and Penn Mutual Life Insurance Company, objected
to the assumption of policies.  The opposition is based on the
proposition that the Debtor should not be allowed to assume the
Policies because the Debtor is not the owner of them.  According
to the Objectors, the legal owner of the Policies is Republic Bank
& Trust Company, in its capacity as Trustee of the Debtor.

In January 2011, the Debtor sought a court order compelling
turnover of advances from the cash value in certain of the
Debtor's insurance policies that were issued by American General
Life Insurance Company and its affiliate The United States Life
Insurance Company of New York City.  American General holds
approximately $60 million of the Debtor's assets in the form of
accessible cash value, and the Debtor seeks at this time
$8 million in order to finance the operation of the Debtor and
potentially, the payment of benefits to its participants.

In February 2011, the Court ordered that, among other things, the
Debtor must withdraw its turnover motion by Feb. 4, 2011, and file
a complaint to commence an adversary proceeding in the Court
against AGL, and that AGL must answer the complaint by Feb. 18.
The Court ruled that by March 25, 2011, any motions for summary
judgment must be filed; by April 1, responses to any motions for
summary judgment be filed; by April 7 at 9:30 a.m., the Court will
hear all motions for summary judgment; by April 18, the parties in
the adversary proceeding will submit to the Court a joint pre-
trial order, together with their lists of witnesses and exhibits,
proposed findings of fact and conclusions of law and trial briefs,
and exchange marked exhibits; and that the Court will consider
discovery disputes, if any, on an expedited basis.  Beginning at
9:30 a.m. on April 27, and continuing day-to-day thereafter, the
Court will try any issues not resolved through summary judgment
motions.

Eric D. Madden -- emadden@diamondmccarthy.com -- at Diamond
McCarthy LLP, is the Committee's counsel.  Kiran A. Phansalkar --
kphansalkar@cwlaw.com -- at Conner & Winters, LLP, is the
Committee's local counsel.

                     About Millennium Multiple

Richardson, Texas-based Millennium Multiple Employer Welfare
Benefit Plan filed for Chapter 11 bankruptcy protection (Bankr.
W.D. Okla. Case No. 10-13528) on June 9, 2010.  G. Blaine Schwabe,
III, Esq., at Mock Schwabe Waldo Elder Reeves & Bryant, assists
the Company in its restructuring effort.  Eric D. Madden, Esq.,
and Brandon V. Lewis, Esq., at Diamond McCarthy LLP, in Dallas;
and Kyung S. Lee, Esq., at Diamond McCarthy LLP, and Kiran A.
Phansalkar, Esq., at Conner & Winters LLP, serve as counsel to the
Official Committee of Unsecured Creditors.  The Company estimated
its assets and debts at $50 million to $100 million as of the
petition date.


MONROE BEACHY: Court Tosses Out Case Dismissal Request
------------------------------------------------------
The Times-Reporter reports that Monroe L. Beachy's request to
dismiss his Chapter 7 bankruptcy case was denied by Judge Russ
Kendig of the U.S. Bankruptcy Court for Northeast District of
Ohio, who said "the court cannot dismiss this case based on
religious motivation."

Mr. Beachy filed for Chapter 7 last summer.  The bankruptcy case
also involved A&M Investments.

According to the report, supporting the dismissal were Amish
leaders, organized as the A&M Trustee Committee, who provided the
Amish Alternative Plan to deal with the bankruptcy.  Mr. Beachy is
a member of the New Order Amish church near Sugarcreek and
accepted church leaders' counsel to seek the dismissal.

The report relates Mr. Beachy was sole proprietor of A&M when the
Sugarcreek firm closed in June.  The assets were liquidated,
generating about $16.4 million.  Total liabilities in the
bankruptcy case are about $33.3 million.  The case affects about
2,700 investors as creditors, with more than 2,550 members of the
Amish and Mennonite faiths.

According to the report, the U.S. Securities and Exchange
Commission, the U.S. Trustee, and Anne Piero Silagy, a Canton
attorney who was appointed as trustee for the bankruptcy case,
opposed the dismissal.


MUNCE'S SUPERIOR: High Oil Prices Cue Chapter 11 Bankruptcy Filing
------------------------------------------------------------------
Munce's Superior Petroleum Products Inc. and several of its
affiliates filed for Chapter 11 reorganization (Bankr. D. N.H.
Case No. 11-10975) on March 16.

Union Leader Corporation reports that Munce's Superior said a
combination of losses from a "hedging" contract for No. 2 home
heating oil that locked it into paying a higher price for oil
after the price dropped in 2008, and a loss of customers, led to
losses of more than $1 million.

The report, citing papers filed with the Court, says the Company
listed assets of between $100,000 and $500,000, with debts
exceeding $1 million.  As part of the reorganization proceeding,
Munce's Superior reached an agreement with Northway Bank for a new
loan that will provide needed and continued working capital, the
company said in a statement.

Mark Stickney of turnaround consulting firm Spinglass Management
of Portland, Maine, has been appointed chief restructuring officer
for Munce's Superior and affiliated companies, the report says.

The report notes after Munce's Superior and Superior Trucking
fell behind on certain state road toll taxes and oil discharge
fees.  The state made a demand on a bond securing the payment of
the taxes, the bonding company sued Munce's Superior and its
affiliates, placing an attachment lien on the assets of the
companies, according to a press release.  The lien made it
impossible for the business to attain the credit it needed.

Judge J. Michael Deasy ordered the joint administration of the
bankruptcy cases of Munce's Superior; Gorham Oil Inc.; Superior
Trucking Inc.; Munce's Real Estate Ventures; and BMRA Real Estate
Ventures LLC.

Munce's Superior case in the federal bankruptcy court is
No. 11-10975.  Munce's Superior Petroleum Products Inc. --
http://www.munces.com/-- is a family owned and operated business
that has served Northern New England.


MUTUAL BENEFITS: Involuntary Chapter 11 Case Summary
----------------------------------------------------
Alleged Debtor: Mutual Benefits Offshore Fund, LTD
                2413 Fisher Island Dr.
                Miami Beach, FL 33109

Case Number: 11-17051

Involuntary Chapter 11 Petition Date: March 17, 2011

Court: U.S. Bankruptcy Court
       Southern District of Florida (Miami)

Judge: A. Jay Cristol

Debtor's Counsel: Pro Se

Petitioner's Counsel: Craig A. Pugatch, Esq.
                      RICE PUGATCH ROBINSON & SCHILLER, P.A.
                      101 NE 3 Ave #1800
                      Ft Lauderdale, FL 33301
                      Tel: (954) 462-8000
                      Fax: (954) 462-4300
                      E-mail: capugatch.ecf@rprslaw.com

Creditors who signed the Chapter 11 petition:

  Petitioners                  Nature of Claim    Claim Amount
  -----------                  ---------------    ------------
Solby+Westbrae Partners        Promissory Note    $15,639,375
c/o Craig Pugatch
101 NE Third Ave #1800
Ft Lauderdale, FL 33301

19 SHC, Corp                   Promissory Note    $13,249,020
c/o Joseph Paukman, Esq
1421 Sheepshead Bay Rd #186
Brooklyn, NY 11235

Ajna Brands, Inc               Invoices for       $639,753
2510 Warren Ave                Lic. Services/
Cheyenne, WY 82001             Trade Debt

601/1700 NBC, LLC              Promissory Note    $2,390,355
100 SE 2 St #2610
Miami, FL 33131

Axafina, Inc                   Trade Debt         $357,779
2510 Warren Ave
Cheyenne, WY 82001

Oxana Adler, LLM               Professional Fees  $161,352
136 E 64 St
New York, NY 10065

Debtor-affiliate with Involuntary Chapter 11 petition:

   Debtor                              Case No.  Petition Date
   ------                              --------  -------------
Fisher Island Investments, Inc.        11-17047     03/17/11


NEW JERSEY MOTORSPORTS: Has Green Light to Pay Critical Vendors
---------------------------------------------------------------
Joseph P. Smith at The Daily Journal reports that federal
bankruptcy court judge Judith Wizmur gave New Jersey Motorsports
Park the leeway it requested to operate while its Chapter 11
petition goes through the court.

According to the report, a key decision from the court was to
accept a Motorsports Park motion to immediately pay certain
"critical" vendors with whom it has agreements -- or soon will
have agreements.

According to Mr. Smith, the ruling means Millville Rescue Squad
will receive a $200,000 wire transfer from the park and ensures
it will be at the park.  That money covers about one-third of
the facility's overdue 2010 bill from the squad, which provides
emergency coverage for the facility's two racetracks. Another
$320,035 is due the squad.

Under the reorganization plan, a group known as NEI Motorsports
LLC is infusing at least $2 million into the park. NEI Motorsports
is headed by current park partners R.J. "Dick" Valentine, Lee
Brahin and Harvey Seigel, who are co-managers of the new entity.

Based in Millville, New Jersey Motorsports Park LLC filed for
Chapter 11 bankruptcy protection on March 7, 2011 (Bankr. D. N.J.
Lead Case No. 11-16752).  Nella M. Bloom, Esq., at Cohen Seglias
Pallas Greenhall & Furman, PC, represents the Debtors.  In their
petition, the Debtors estimated assets of between $100,000 and
$500,000, and debts of between $10 million and $50 million.


NORTHERN 120: Plan Confirmation Hearing Continued to April 19
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona has
continued to April 19, 2011, at 10:00 a.m., the hearing to
consider the confirmation of Northern 120, LLC's Second Amended
Plan of Reorganization dated Aug. 31, 2010.

According to the amended Disclosure Statement, assuming some
creditors elect a Cash Option, the Reorganized Debtor will retain
and develop a portion of the Northern Real Property in a manner
best-suited to the current financial climate.  Additionally, with
respect to those creditors that elect a Retention Option, the
Reorganized Debtor will hold an exclusive option that will allow
the purchase of a portion of the Northern Real Property at any
time prior to the fifth anniversary of the Effective Date.

The sums to be infused into the Reorganized Debtor pursuant to the
Plan will come from SAK through a loan from Huntington Financial,
LLC as set forth in a commitment letter dated June 18, 2010.  The
funding will be made by SAK for the benefit of Interest Holders.
The Debtor will use the funds to pay all administrative claims,
and to, as appropriate, pay the Allowed Secured claims of Secured
Creditors, fund a reserve account to pay for operating and other
needs, and otherwise fund the Debtor as the market returns.  The
infusion will also be used to pay any remaining priority claims
and to set aside $200,000 for the payment of the Allowed Unsecured
Claims of all Unsecured Creditors.

As reported in the Troubled Company Reporter on Feb. 22, 2010,
the prior iteration of the Plan proposes to give secured creditors
the opportunity to be paid in full on their allowed secured claims
immediately, or to remain as investors under new notes, and with
an opportunity to share in the potential upside of the
development.  In addition, the Plan will result in the unsecured
creditors receiving a substantial payout.  General unsecured
claims will share pro rata from the sum of $200,000.  The interest
holders will arrange for the infusion of the $200,000 into the
reserve account for the payment of this class.

The Plan will be implemented by the retention of its existing
management.  This implementation will also include the management
and disbursement of the funds infused by the interest holders.
The interest holders, through a payment from their funding source
made for their benefit, will place $200,000 in escrow in the trust
account of the Debtor's bankruptcy counsel within 15 days prior
to the final hearing on confirmation of the Debtor's Plan.  These
funds will become a part of the estate and fund the obligations,
including the Reserve Account, at confirmation.  These funds will
only be available to, and become a part of, the estate as of
confirmation.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/NORTHERN120_2ndAmendedDS.pdf

                       About Northern 120

Phoenix, Arizona-based Northern 120, LLC, is a limited liability
company engaged in the business of owning and developing real
property in the State of Arizona.  The Company filed for Chapter
11 bankruptcy protection on Nov. 5, 2009 (Bankr. D. Ariz. Case
No. 09-28417).  Mark W. Roth, Esq., and Wesley D. Ray, Esq., at
Polsinelli Shughart P.C., in Phoenix, Ariz., represents the Debtor
in its restructuring efforts.  The Debtor estimated $10 million to
$50 million in assets and debts in its Chapter 11 petition.


NOVELOS THERAPEUTICS: Terminates Nyberg as Compliance Officer
-------------------------------------------------------------
Novelos Therapeutics, Inc., on March 10, 2011, terminated the
employment of Elias B. Nyberg, its Vice President of Regulatory,
Quality and Compliance.  In connection with his termination, which
was without cause, Dr. Nyberg received a payment of approximately
$83,000 pursuant to the terms of the executive retention agreement
between him and the Company dated May 14, 2010.

                     About Novelos Therapeutics

Newton, Mass.-based Novelos Therapeutics, Inc. (OTC BB: NVLT)
-- http://www.novelos.com/-- is a biopharmaceutical company
developing oxidized glutathione-based compounds for the treatment
of cancer and hepatitis.

The Company's balance sheet at Sept. 30, 2010, showed
$3.49 million in total assets, $6.36 million in total current
liabilities, $375,000 in commitments and contingencies,
$13.77 million in redeemable preferred stock, and a stockholders'
deficit of $17.01 million.  Stockholders' deficit was
$16.1 million at June 30, 2010.

As reported in the Troubled Company Reporter on April 8, 2010,
Stowe & Degon LLC, in Westborough, Mass., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted of the
Company's continuing losses and stockholders' deficiency at
December 31, 2009.


OLDE POINT: Foreclosure Bid Continued; Funigiello Stays
-------------------------------------------------------
Ken Little at StarNews Online reports that Patrick Funigiello will
continue to manage the Olde Point Golf & Country Club, at least
for the immediate future.  According to the report, this may not
suit some members of the Olde Point Men's Golf Association, which
recently decided to take their business elsewhere as long as Mr.
Funigiello remains in charge.

According to the report, Mr. Funigiello appeared last week at a
hearing in U.S. Bankruptcy Court in Raleigh.  Olde Point is in the
midst of Chapter 11 reorganization.  One of the matters to come
before Judge Stephani Humrickhouse is a motion by two creditors
who want to get a court-issued stay on the property so foreclosure
proceedings can commence.

The motion for relief from stay, along with several other motions
connected to Olde Point, were continued by Judge Humrickhouse
until May 12, 2011.

Olde Point Country Club has been open about 35 years.  Mr.
Funigiello bought the course for $3.2 million about seven years
ago.


OMAHA STANDING: Court Rejects REW's Construction Lien on Asset
--------------------------------------------------------------
Omaha Standing Bear Pointe, L.L.C., v. REW Materials, Adv. Pro.
No. 10-8040 (Bankr. D. Neb.), seeks to ascertain the validity,
extent, and priority of liens or other interests in the Debtor's
real property.  The Debtor held title to a 12-unit residential
building purportedly subject to three construction liens.  One of
the defendants assigned its lien to Great Western Bank, which
subsequently released the lien.  Default judgment was entered
against another defendant.  The property was sold in December 2010
free and clear of liens, with the proceeds going to pay off Wells
Fargo Bank's lien.  The Debtor moved for summary judgment against
the sole remaining defendant, arguing that no genuine issue of
material fact remains to be decided.  The defendant has not
responded to the motion.

Wells Fargo Bank was the senior lien holder on the property, with
a claim exceeding the property's value.  Defendant REW Materials
filed a proof of claim for a construction lien of $17,011.  The
property was sold to SB Townhomes, LLC, for $1,535,000, with the
proceeds paid directly to Wells Fargo Bank.

Bankruptcy Judge Timothy J. Mahoney said the defendant has not put
any factual dispute at issue.  There is no evidence of the
defendant's construction lien or other interest in the property.
Accordingly, the Debtor is entitled to summary judgment as a
matter of law.

A copy of the Court's March 17, 2011 Order is available at
http://is.gd/Mol6sWfrom Leagle.com.

Omaha Standing Bear Pointe, LLC's only asset was a parcel of real
estate commonly known as 14255-14272 Ellison Avenue in Omaha,
Nebraska, and legally described as Unit 1, the Master Condominium
at Standing Bear Pointe, a condominium organized and existing
under the laws of the State of Nebraska, in Douglas County,
Nebraska.  It filed for Chapter 11 bankruptcy (Bankr. D. Neb. Case
No. 10-81413) on May 12, 2010, listing $1 million to $10 million
in assets and debts.  David Grant Hicks, Esq. -- dhickslaw@aol.com
-- at Pollak & Hicks PC, serves as bankruptcy counsel.


ON SEMICONDUCTOR: Shutdown Won't Affect Moody's 'Ba1' Rating
------------------------------------------------------------
Moody's Investors Service said ON Semiconductor Corporation's Ba1
Corporate Family Rating is not immediately impacted by the
temporary shutdown of operations at its Aizu and Gunma facilities,
which stems from the consequences of last Friday's 9.0 magnitude
earthquake in Japan.

The last rating action was on September 2, 2010 when Moody's
upgraded ON Semi's CFR to Ba1 with a stable outlook.

ON Semiconductor Corporation, with headquarters in Phoenix, AZ, is
a premier supplier of high performance, energy efficient,
semiconductor products for green electronics.  The company
manufactures a broad portfolio of power and signal management,
logic, discrete and custom devices that are used in automotive,
communications, computing, consumer, industrial, LED lighting,
medical, military/aerospace and power applications.  ON Semi
operates throughout North America, Europe and Asia-Pacific.


ORANGE GROVE: Court Denies Disclosure Statement
-----------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
in an order dated Feb. 22, 2011, denied, without prejudice, Orange
Grove Service, Inc.'s motion for approval of the adequacy of the
disclosure statement filed in support of its plan of
reorganization.

The Court generally endorses the objections made by secured
creditors American Continental Bank and Signal Walnut Partnership.
The Court also cited that i) there is no proof service of the
disclosure statement and plan upon the United States Trustee or
the Securities and Exchange Commission as required by Federal Rule
of Bankruptcy Procedure 3017, ii) there is no executed declaration
from a representative of the Debtor, and finally, (iii) the
disclosure statement and plan should adhere more closely to the
Court's form, e.g., the section on retention of jurisdiction
should be deleted.

As reported in the TCR on Feb. 3, 2011, Orange Grove filed a
combined disclosure statement and plan of reorganization.  The
Plan proposes to pay creditors from the cash flow from rents
generated by the operation of the Debtor's 2 strip shopping
centers, the Lemon Creek in Walnut, Calif., and the Fremont Center
in Alhambra, Calif.

Signal Walnut Partnership and American Continental Bank will be
paid under the Plan according to the terms of each of their
respective notes.  The maturity date for the SWP note is Dec. 28,
2013.  The maturity date of the ACB Note is Nov. 26, 2014.

Unsecured creditors will be paid 100% of their allowed claims with
the initial payments beginning in the 13th month after the
effective date of the Plan and payments distributed thereafter
annually on a pro-rata basis.  All payments will be based on 30%
of the Debtor's net operating income.  Payment of the remaining
balances to the unsecured creditors will be made on the 84th month
of the Plan.

Holders of equity interests will receive distributions after
secured creditors are unsecured creditors are paid in full.

A copy of the disclosure statement and plan of reorganization is
available for free at:

           http://bankrupt.com/misc/OrangeGrove.DS.pdf

                   About Orange Grove Service

La Verne, California-based Orange Grove Service, Inc., owns and
operates 2 "strip" shopping centers, the Lemon Creek in Walnut,
Calif., and the Fremont, in Alhambra, Calif.  The Company filed
for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No.
10-21336) on March 25, 2010.  Matthew Abbasi, Esq., at Wilson &
Associates LLP, in Los Angeles, assists the Debtor in its
restructuring effort.  In its schedules, the Debtor disclosed
$12,003,736 in assets and $11,611,337 in liabilities.


ORANGE GROVE: Sale of Wireless Communication Site Easement Denied
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
denied the motion of Orange Grove Service, Inc., for approval of
the transaction between the Debtor and T6 Unison Site Management
LLC involving the negotiated sale of existing wireless
communication site leases; the grant of a wireless communication
site easement for 50 years; approval of a related Profit
Participation Agreement; and approval of a Non-Disturbance and
Attornment Agreement and partial release of assignment of leases
and rents that are an integral part of the easement sale, with
regard to the Debtor's real property located at 2120 Fremont
Avenue, in Alhambra, Calif.

The Court said it was unable to determine from the motion whether
the sale of the property is within the business judgment rule, and
because Debtor has shown no legal basis for selling the property
free and clear of liens.

As described in the motion, the sale and the related agreements
are not within the ordinary course of Debtor's business.  They are
made pursuant to 11 U.S.C. Section 363(b)(1); Local Bankruptcy
Rules 6004-1 and 9013-1(o)(2)(I), and the easement and lease will
be sold free and clear of any encumbrance by the First Trust Deed
on the Property presently held by American Continental Bank or the
second Trust Deed of Phoebe Chen Huang and Nelson L. Huang, which
Second Trust Deed is Unsecured, pursuant to 11 U.S.C. Section
363(c)(2)(4)(b)(4)(f).

This is notwithstanding the fact that the Fremont Shopping Center
which the Debtor operates, which was formerly owned by SWP, is
already in the business of renting and contracting for the future
occupancy and the use of wireless communication site rights over
and on the real property, for terms which initially reasonably
could extend for about 21 years.  The Property is also subject to
a Non-Disturbance and Attornment Agreement and a Memorandum of
Lease (recorded prior to ACB's First Trust Deed and PCH's Second
Trust Deed) which were previously granted by Freemont Investment
(the owner of the Property prior to SWP) to the present Wireless
Communication Sites lessee, as part of the consideration for the
existing Wireless Communication Site lessee to enter into the
current lease.  Therefore, in the event that ACB or PCH were to
foreclose on the Fremont Shopping Center, the foreclosure would
not disturb any of the rights of the existing Wireless
Communication Site lessee.

The total gross sale price of the Wireless Communication Site
Easement to be granted to Unison is $180,514.25.  The Debtor, in
addition to being compensated for the grant of the Easement, is to
receive 50% of any additional revenues, not from current sources,
which may inure to the dominant tenement of the Easement during
the 50-year term of the easement.

                   About Orange Grove Service

La Verne, California-based Orange Grove Service, Inc., owns and
operates 2 "strip" shopping centers, the Lemon Creek in Walnut,
Calif., and the Fremont, in Alhambra, Calif.  The Company filed
for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No.
10-21336) on March 25, 2010.  Matthew Abbasi, Esq., at Wilson &
Associates LLP, in Los Angeles, assists the Debtor in its
restructuring effort.  In its schedules, the Debtor disclosed
$12,003,736 in assets and $11,611,337 in liabilities.


P&C POULTRY: Can Access East West Bank's Collateral Until May 13
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
on Feb. 11, 2011, entered an order authorizing P&C Poultry
Distributors, Inc., and Custom Processors, Inc., to continue using
cash collateral of East West Bank, until 5:00 p.m., May 13, 2011,
in accordance with a 13-week budget.  The Debtors are authorized
to vary from any line item in the budget by no more than 20%.

The Debtors are to accomplish a sale of substantially all of their
assets or confirm a Chapter 11 plan in accordance with the
following timeline:

  (i) If Substantial Asset Sale:

      (a) March 4, 2011 -- The Debtors will have identified a
          transaction by this date and a buyer or partner with
          respect to such transaction.

      (b) April 1, 2011 -- The Debtors shall have negotiated and
          executed a definitive asset purchase agreement.

      (c) April 20, 2011 -- The Debtors will file a motion seeking
          approval of a Substantial Asset Sale.

      (d) May 31, 2011 -- The Substantial Asset Sale will close by
          this date after entry of an order approving a
          Substantial Asset Sale.

(ii) If Plan:

      (a) March 4, 2011 -- The Debtors will have identified a
          transaction by this date and a buyer or partner to form
          the basis of the Plan.

      (b) April 29, 2011 -- A hearing on the approval of a
          disclosure statement describing the Plan must occur by
          this date.

      (c) June 30, 2011 -- A confirmation hearing on the Plan must
          occur by this date.

The Bank will have, subject to the terms and conditions, pursuant
to sections 361 and 363(e) of the Bankruptcy Code, replacement
security interests and liens in the same type of property on which
the Bank enjoyed security interests and lien in immediately prior
to the Petition Date.  The Replacement Liens will have the same
validity and priority as the security interests and liens that the
Bank enjoyed immediately prior to the Petition Date.  The
Replacement Liens will be recognized only to the extent of the
post-petition diminution in value of the Bank's pre-petition
collateral resulting from the Debtors' use of the Cash Collateral
during these Chapter 11 cases.

              About P&C Poultry and Custom Processors

City of Industry, California-based P&C Poultry Distributors, Inc.,
and its affiliate Custom Processors, Inc., are a further processes
and distributes processed poultry products operating out of a
U.S.D.A.-certified facility in the City of Industry, California.
P&C produces value-added frozen and fresh poultry products for
re-sale to major fast food restaurant chains and casual dining
services, including CKE Restaurants, Inc. (Carl's Jr., Hardee's),
Yum! Brands, Inc. (KFC, Taco Bell), the Carlson Companies (Pickup
Stix, T.G.I. Friday's) and Daphne's Greek Cafe.

P&C filed for Chapter 11 bankruptcy protection on Aug. 27, 2010
(Bankr. C.D. Calif. Case No. 10-46350).  Brian L. Davidoff, Esq.,
C. John M. Melissinos, Esq., David Y. Joe, Esq., and Claire E.
Shin, Esq., at Los Angeles, Calif., represent the Debtors.  The
Debtor estimated assets and debts at $10 million to $50 million.
Custom Processors filed a separate Chapter 11 petition on the same
day. The cases are jointly administered.

Scott Blakeley, Esq., at Blakely & Blakeley LLP, in Irvine,
Calif., represents the creditors' committee.


PENTON MEDIA: Acquires EyeTraffic Media Assets
----------------------------------------------
Juan Martinez at Direct Marketing News reports that Penton Media
acquired online marketing firm EyeTraffic Media on March 10, 2011.
EyeTraffic will be incorporated into the Penton brand.  Terms of
the deal were not disclosed.

The EyeTraffic staff will continue to work from its offices in
Arlington, Va., and Washington, DC.

                       About Penton Media

As a leading, independent, business-to-business media company,
Penton -- http://www.penton.com/-- knows business and how to
create and disseminate the vital content that moves markets.
Penton serves the information needs of more than six million
business professionals every month in industries ranging from
Agriculture and Aviation to Electronics, Natural Products, and
Information Technology.  Headquartered in New York City, the
privately held company is owned by MidOcean Partners and U.S.
Equity Partners II, an investment fund sponsored by Wasserstein &
Co., LP, and its co-investors.

Penton Media and its operating subsidiaries filed voluntary
petitions to restructure under Chapter 11 of the U.S. Bankruptcy
Code on Feb. 10, 2010 (Bankr. S.D.N.Y. Case No. 10-10689).

Attorneys at Jones Day serve as bankruptcy counsel.  Kurtzman
Carson Consultants LLC serves as claims and notice agent.  The
petition says that assets are $500 million to $1 billion while
debts exceed $1 billion.

Penton Media's "pre-packaged" plan of reorganization was confirmed
by the Bankruptcy Court and became effective in March 2010,
completed a restructuring in less than 30 days.  The capital
restructuring resulted in the elimination of more than $270
million of long-term debt and an extension of the maturity on the
Company's senior secured credit facility through 2014.  In
addition, certain of Penton's existing shareholders made a
significant new investment in the Company, giving additional
working capital to fund operations and improve Penton's overall
liquidity.


PETROFLOW ENERGY: Proceedings Involving Equal Energy Stayed
-----------------------------------------------------------
Equal Energy Ltd. said that the Company and Petroflow Energy Ltd.
and its subsidiaries have agreed to a 30-day stay of proceedings
involving litigation between the parties in the U.S. Bankruptcy
Court in Delaware.  The agreement was announced on March 18, 2011,
by the parties to Judge Christopher S. Sontchi, the presiding
bankruptcy judge.

Don Klapko commented, "The agreed stay of proceedings will
facilitate ongoing discussions between the parties by suspending
certain upcoming deadlines in the litigation while the parties
work to finalize a tentative settlement they have reached."

Petroflow, Equal's former joint venture partner in Oklahoma, filed
for bankruptcy protection in May 2010. Thereafter, various claims
were asserted against the Company by Petroflow and its primary
lenders in the bankruptcy case, against which claims the Company
has vigorously defended, and continues to vigorously defend,
itself. During the next thirty days while the stay is in effect,
Equal and Petroflow will endeavour to finalize their tentative
settlement and obtain the support of other key constituents in
Petroflow's bankruptcy case, including Petroflow's lenders. If the
tentative settlement is finalized, it will be presented to the
bankruptcy court for approval. If no final agreement is reached,
the stay, unless extended by the parties' agreement, will expire
and matters associated with the litigation will proceed.

While there can be no assurance that a final settlement ultimately
will be agreed to by all of the necessary parties, the Company
will continue to strive for a satisfactory resolution of the
adversary proceedings, whether through a settlement, or through
the ultimate outcome of litigation.

                         About Equal Energy

Equal Energy Limited is an exploration and production oil and gas
company based in Calgary, Alberta, Canada with its United States
operations office located in Oklahoma City, Oklahoma.  Equal's
shares and debentures are listed on the Toronto Stock Exchange
under the symbols (EQU, EQU.DB, EQU.DB.A, EQU.DB.B) and Equal's
shares are listed on the New York Stock Exchange under the symbol
(EQU).  The portfolio of oil and gas properties is geographically
diversified with producing properties located in Alberta, British
Columbia, Saskatchewan and Oklahoma.  Production is comprised of
approximately 55 percent crude oil and natural gas liquids and 45
percent natural gas.  Equal has compiled a multi-year drilling
inventory for its properties including its new oil play
opportunities in the Cardium and Viking in central Alberta in
addition to its extensive inventory of drilling locations in the
Hunton liquids-rich, natural gas play in Oklahoma.

                      About Petroflow Energy

Based in Denver, Colorado, Petroflow Energy Ltd. filed for Chapter
11 bankruptcy protection on Aug. 20, 2010 (Bankr. D. Del. Case No.
10-12608).  Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, represents the Debtor as its Delaware counsel.
Kirkland & Ellis LLP serves as bankruptcy counsel.  Kinetic
Advisors LLC serves as restructuring advisor.  Epiq Systems Inc.
serves as claims and notice agent.  The Debtor estimated both
assets and debts of between $100 million and $500 million


PHILADELPHIA ORCHESTRA: Musicians Agree to Delay Pay Increase
-------------------------------------------------------------
Peter Dobrin at Inquirer Music Critic reports that musicians and
management of the Philadelphia Orchestra have agreed to delay a
pay raise for players as talks over a new labor contract continue.

According to the report, the hike, scheduled to take effect
Monday, will be held in abeyance until May 21, 2011.  Instead of
accepting management's proposal to establish a new salary minimum
at $104,000 or pressing for the scheduled raise to $131,000, the
players will continue at their current level of $124,800.

Mr. Dobrin notes the new deadline moves the danger of a strike
r a lockout close to the end of the 2010-11 subscription season,
with just a handful of performances on the calendar beyond
May 21.  No new negotiations are scheduled.

Mr. Dobrin relates that the $104,000 proposal -- if adopted as a
tentative agreement by the negotiating committee and then approved
by players -- would put the Philadelphia Orchestra well below its
peer groups in Boston, Chicago, Cleveland, Los Angeles, San
Francisco, New York, and others unless pending talks at those
orchestras also produce cuts. The lower salary would be a return
to the base pay of almost a decade ago and match that of the now-
striking Detroit Symphony Orchestra at the end of its 2009-10
season.

Management periodically has threatened to file for Chapter 11
reorganization to relieve it of a pension liability draw -- the
amount that withdrawing its participation would cost management --
estimated at $20 million to $25 million.  Players would like a
new labor deal to stipulate that management will not file for
bankruptcy.


PILOT TRAVEL: Moody's Affirms 'Ba2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed Pilot Travel Centers, LLC's Ba2
Corporate Family Rating and Ba2 (LGD 4, 59%) senior secured bank
credit facility ratings.  Moody's also assigned a Ba2 senior
secured rating to Pilot's proposed new senior secured bank credit
facility.  In addition, Moody's lowered Pilot's Probability of
Default Rating to Ba3 from Ba2 and changed its rating outlook to
stable from positive.

Moody's ratings are subject to receipt and review of final
documentation.  In the event the transaction does not close as
planned, the Probability of Default Rating would likely revert
back to Ba2.

Proceeds from the proposed new bank credit facility will be used
to re-finance Pilot's existing bank credit facility, repay the
company's $260 million guaranteed subordinated notes (not rated by
Moody's), and to fund a $1.0 billion dividend to shareholders.

"The change in outlook to stable reflects Pilot's more aggressive
financial policy with the funding of a shareholder dividend with
additional debt that will result in a deterioration of debt
protection metrics" stated Bill Fahy, Senior Analyst at Moody's.
"Despite higher debt levels associated with the re-financing,
Moody's believes that debt protection metrics will remain
appropriate for the company's Ba2 Corporate Family Rating as
management focuses on debt reduction and operating performance
remains stable" commented Fahy.  However, Pilot's ability to incur
additional debt without negatively pressuring its ratings is
unlikely based on current earnings expectations.

Ratings affirmed are:

  -- Corporate Family Rating of Ba2

  -- $500 million senior secured revolving credit facility
     expiring 2014 at Ba2 (LGD 4, 59%)

  -- $500 million senior secured term loan A due 2014 at Ba2 (LGD
     4, 59%)

  -- $666.5 million senior secured term loan B due 2016 at Ba2
     (LGD 4, 59%)

  -- $345 million senior secured term Loan C due 2017, at Ba2 (LGD
     4, 59%)

Ratings assigned are:

  -- $800 million senior secured revolving credit facility
     expiring 2016, rated Ba2 (LGD 3, 41%)

  -- $800 million senior secured term loan A due 2016, rated Ba2
     (LGD 3, 41%)

  -- $1.0 billion senior secured term loan B due 2018, rated Ba2
     (LGD 3, 41%)

  -- $343 million senior secured term Loan C due 2018, rated Ba2
     (LGD 3, 41%)

Ratings lowered are;

  -- Probability of Default Rating lowered to Ba3 from Ba2

The outlook was changed to stable from positive

The downgrade of the PDR to Ba3 is driven by Pilot's proposed all
bank capital structure which increases the company's overall
probability of default as well as expected recovery in a distress
scenario.

                        Ratings Rationale

The Ba2 Corporate Family Rating reflects Pilot's relatively good
debt protection measures -- pro forma for the re-financing, good
liquidity, meaningful scale, geographic reach, and relatively
diverse profit stream.  The ratings are constrained by Pilot's
relatively aggressive financial policy, reliance on high volume,
low margin fuel sales, the risk associated with the integration of
the Flying J acquisition, some regional concentration, and the
inherent risk of additional acquisitions in a consolidating
industry.

Factors that could result in an upgrade include a financial policy
and growth strategy that remained balanced and supported the
credit profile required of a higher rating.  An upgrade would also
require a sustained improvement in debt protection metrics driven
in part by stronger operating performance of its fuel business,
with gross margins from Pilot's non- fuel businesses remaining
stable.  A higher ratings would also require a the successful
integration of the Flying J acquisition and maintaining good
liquidity.  Quantitatively, an upgrade would require sustained
debt to EBITDA of well below 4.0 times, EBITA coverage of interest
of above 2.5 times, and retained cash flow to net debt of over
14%.

A downgrade could occur in the event that debt protection measures
weaken or liquidity deteriorated.  An inability to successfully
integrate the Flying J acquisition or the adoption of an
aggressive financial policy or growth strategy that negatively
impacted debt protection metrics or liquidity could also pressure
the ratings.  Specifically, ratings could be downgraded if debt to
EBITDA exceeded 4.5 times, EBITA coverage of interest fell below
1.75 times, or liquidity deteriorated.

The last rating action for Pilot occurred on November 24, 2010,
when Moody's affirmed the company's Corporate Family, Probability
of Default, and senior secured bank ratings at Ba2 and changed the
outlook to positive from stable.

Pilot Travel Centers LLC is a partnership that owns and operates
approximately 440 travel Centers across the U.S. and Canada.  In
addition to fuel, Pilot locations have convenience stores, fast
food restaurants, and other amenities.  Annual revenues are
approximately $17 billion.


PLATINUM RIDGE: 3 Affiliates File for Chapter 11 Protection
-----------------------------------------------------------
Brian Ball at Business First reports that the controlling owner
and operator of the Comfort Suites, Hilton Garden Inn and Hampton
Inn at Port Columbus has filed for Chapter 11 bankruptcy
protection from creditors in a bid to keep control of the
properties, which first fell into financial distress in early
2009.

According to the report, three real estate entities affiliated
with Platinum Ridge Properties LLC -- CS Investors LLC, HI
Investors LLC and Airport Garden Investors LLC -- filed to
reorganize their debt with lender GE Capital Finance.  Mr. Ball
says Pete Coratola, the managing member of the three entities
could not be reached for comment.

Mr. Ball recounts that the Platinum partnerships stopped lease
payments to the Columbus Regional Airport Authority, the operator
of Port Columbus, in 2009 and failed to pay property taxes on five
properties it owned and operated there amid falling revenue tied
to the decline of air travel during the recession.

Mr. Ball relates that, later in 2009, the Company lost control of
the Concourse Hotel while the Baymont Inn remains in foreclosure
litigation.  Another Platinum Ridge affiliate had sought Chapter
11 protection in late 2010 in a bid to regain control of the
Baymont Inn.  Delaware County Bank had successfully sought to have
a receiver put in charge of the property through Franklin County
Common Pleas Court in late 2009.  Platinum Ridge later dropped
that legal maneuver with expectation of a state court challenge,
which has yet to materialize.


PRES-LAHAINA: Court Dismisses Chapter 11 Bankruptcy Cases
---------------------------------------------------------
The Hon. Theodor C. Albert of the U.S. Bankruptcy Court for
the Central District of California, at the behest of Nancy S.
Goldenberg, the U.S. Trustee for Region 16, dismissed the Chapter
11 case of Pres-Lahaina Square LLC and VLJ Aloha LLC.

The U.S. Trustee obtained a $350 judgment for U.S. Trustee
quarterly fees due and owing.

According to the Troubled Company Reporter on March 1, 2011, the
U.S. Trustee told the Court that:

   * the Debtors have failed to file a plan an disclosure
     statement in compliance with the Court deadline imposed of
     Nov. 1, 2010;

   * a lender had recently been granted relief from the automatic
     stay by the Court, allowing the lender to commence
     foreclosure proceedings on the estates' sole asset; and

   * the Debtors have not filed monthly operating reports for the
     months of October, November and December 2010.

Newport Beach, California-based Pres-Lahaina Square LLC filed for
Chapter 11 bankruptcy protection on June 15, 2010 (Bankr. C.D.
Calif. Case No. 10-18065).  Marc J. Winthrop, Esq. --
mwinthrop@winthropcouchot.com -- at Winthrop Couchot PC, in
Newport Beach, California, assists the Debtors in their
restructuring effort.  The Company estimated its assets and debts
at $10 million to $50 million.

The Company's affiliate, VLJ Aloha LLC, filed a separate Chapter
11 petition on June 15, 2010 (Case No. 10-18067).


PRM DEVELOPMENT: Seeks May 1 Extension of Solicitation Deadline
---------------------------------------------------------------
PRM Development, LLC, et al., ask the U.S. Bankruptcy Court for
the Northern District of Texas to extend their exclusive period to
solicit acceptances for the proposed plan of reorganization until
May 1, 2011.

The Debtors have filed a Chapter 11 Plan of  Reorganization and
the Court has approved the Disclosure Statement subject to
amendments.  Since Jan. 12, the Debtors have been involved in
negotiations with secured creditor Liberty Bankers Life Insurance
Company to resolve Liberty's objections to the Debtors' Plan.

As reported in the Troubled Company Reporter on Jan. 11, the
Debtors' Plan provides for these treatments of claims:

   Classification                           Treatment
   --------------                           ---------
Class 1 - administrative  -- will be paid by the applicable
claims                       Reorganized Debtor in cash, in full.

Class 2 - Priority Tax    -- will be paid by the Reorganized
Claim                        Debtors, up to the Allowed amount of
                             the claim, plus interest at the rate
                             of 4.5% per annum accrued thereon on
                             a quarterly basis on October 1,
                             January 1, April 1 and July 1 of each
                             year over a period not exceeding six
                             years after the date of assessment of
                             the Claims.

Class 3 - Secured Claims  -- will be treated as fully Secured
of Liberty Bankers Life      Claims in amounts to be determined by
Insurance Company            the Court at the Confirmation
                             Hearing.  The Class 3 Claims of
                             Liberty will be treated as:

                             Class 3A: consists of the Secured
                             Claim of Liberty in the principal
                             amount of $4,690,000 which is secured
                             by a first lien on the Great Hans
                             Property.  Allowed Secured Claims in
                             Class 3A will receive this treatment:

                             (a) Assumption of Great Hans Loan;

                             (b) In the event that the Little Hans
                                 Property is sold during the
                                 Initial Term of the Great Hans
                                 Loan, the term of the Great Hans
                                 Loan will be extended until
                                 February 1, 2014, on the same
                                 terms as during the Initial Term.
                                 Furthermore, Great Hans LLLP may
                                 extend the term of the Great Hans
                                 Loan for a period of 12 months in
                                 exchange for payment of a 1% exit
                                 fee at maturity of the Great Hans
                                 Loan, provided that the Great
                                 Hans Loan is not in default, and
                                 notice is sent in writing to
                                 Liberty within 120 days of the
                                 maturity of the Initial Term;

                             (c) All defaults and events of
                                 default existing as of the
                                 Petition Date and as of the
                                 Effective Date will be waived,
                                 and any defaults and events of
                                 default resulting from the
                                 confirmation of the Plan, the
                                 occurrence of the Effective Date,
                                 and the actions and transactions
                                 contemplated by the Plan,
                                 including the payments to be made
                                 under the Plan and changes in
                                 ownership and control effectuated
                                 by the Plan, will also be waived;

                             (d) No default interest, late
                                 charges, or other penalties or
                                 monetary compensation or fees
                                 will be required to be paid to
                                 Liberty in connection with Great
                                 Hans LLLP's assumption of the
                                 Great Hans Loan, or the treatment
                                 provided under this Plan for
                                 Allowed Class 3A Claims;

                             (e) Liberty will retain all of its
                                 liens and security interests in
                                 the Debtors' assets, including
                                 the Great Hans Property, granted
                                 to it pursuant to the Great Hans
                                 Loan, with the same validity,
                                 enforceability, attachment,
                                 perfection, priority, and legal
                                 rights that existed on the
                                 Petition Date;

                             (f) Liberty will be deemed to consent
                                 to and approve the transactions
                                 and changes to the Debtors
                                 contemplated by the Plan,
                                 including, without limitation,
                                 the payments to the holders of
                                 Allowed Claims and Allowed
                                 Administrative Claims pursuant to
                                 the Plan.

                             Class 3B: consists of the Secured
                             Claim of Liberty in the principal
                             amount of $2,310,000 which is secured
                             by a first lien on the Little Hans
                             Property.  Allowed Secured Claims in
                             Class 3B will receive this treatment:

                             (a) Assumption of Little Hans Loan;

                             (b) In the event the Little Hans
                                 Property is sold, the Little Hans
                                 Loan will be paid in full and the
                                 remaining proceeds will be
                                 distributed, first, to the
                                 Allowed Class 7D General
                                 Unsecured Claims, and, second, to
                                 Little Hans LLP;

                             (c) Little Hans LLP may extend the
                                 term of the Little Hans Loan for
                                 a period of 12 months in exchange
                                 for payment of a 1% exit fee at
                                 maturity of the Little Hans Loan,
                                 provided that the Little Hans
                                 Loan is not in default, and
                                 notice is sent in writing to
                                 Liberty within 120 days of the
                                 maturity of the Initial Term;

                             (d) All defaults and events of
                                 default existing as of the
                                 Petition Date and as of the
                                 Effective Date will be waived,
                                 and any defaults and events of
                                 default resulting from the
                                 confirmation of the Plan, the
                                 occurrence of the Effective Date,
                                 and the actions and transactions
                                 contemplated by the Plan,
                                 including the payments to be made
                                 under the Plan and changes in
                                 ownership and control effectuated
                                 by the Plan, will also be waived;

                             (e) No default interest, late
                                 charges, or other penalties or
                                 monetary compensation or fees
                                 will be required to be paid to
                                 Liberty in connection with Little
                                 Hans LLP's assumption of the
                                 Little Hans Loan, or the
                                 treatment provided under this
                                 Plan for Allowed Class 3B Claims;

                             (f) Liberty will retain all of its
                                 liens and security interests in
                                 the Debtors' assets, including
                                 the Little Hans Property, granted
                                 to it pursuant to the Little Hans
                                 Loan, with the same validity,
                                 enforceability, attachment,
                                 perfection, priority, and legal
                                 rights that existed on the
                                 Petition Date;

                             (g) Liberty will be deemed to consent
                                 to and approve the transactions
                                 and changes to the Debtors
                                 contemplated by the Plan,
                                 including, without limitation,
                                 the payments to the holders of
                                 Allowed Claims and Allowed
                                 Administrative Claims pursuant to
                                 the Plan.

Class 4: Secured Claim    -- On December 1, 2010, the Wikil
of Winnfield Life            Property reverted to Winnfield
Insurance Company            pursuant to a non-judicial
                             foreclosure in the State of
                             California in full satisfaction and
                             release of all obligors of the
                             Winnfield loan, promissory note and
                             mortgage.

Class 5: Secured Claim    -- Any remaining indebtedness of
of Robert Santarpia          Santarpia, following the disposition
                             of the Wikil Property by Winnfield
                             and distribution of excess proceeds
                             pursuant to lien priority, will be
                             treated as a Class 7B General
                             Unsecured Claim.

Class 6: Secured Claim    -- Any remaining indebtedness of the
of Andrea and David          Feinbergs, following the disposition
Feinberg                     of the Wikil Property by Winnfield
                             and distribution of excess proceeds
                             pursuant to lien priority, will be
                             treated as a Class 7B General
                             Unsecured Claim.

Class 7: General          -- consist of all other Allowed Claims
Unsecured Claims             against Debtors not placed in any
                             other Class.

                         Class 7A: PRM Development General
                         Unsecured Claims -- creditors holding
                         these Claims will receive payment of
                         their Allowed Claims out of cash
                         distributions payable to the Reorganized
                         PRM Development up to the Allowed amount
                         of their Claim as a result of the sale of
                         the Little Hans Property and the Great
                         Hans Property.

                         Class 7B: EMI General Unsecured Claims
                         -- consists of any Allowed General
                         Unsecured Claims against EMI.  Creditors
                         holding these claims will receive payment
                         of their Allowed Claims out of cash
                         distributions payable to the Reorganized
                         EMI up to the Allowed amount of their
                         Claim as a result of the sale of the
                         Little Hans Property and the Great Hans
                         Property.

Copies of the Plan and disclosure statement are available for free
at:

         http://bankrupt.com/misc/PRMDEVELOPMENTplan.pdf
         http://bankrupt.com/misc/PRMDevelopmentDS.pdf

                       About PRM Development

Chicago, Illinois-based PRM Development, LLC, filed for Chapter 11
protection on Aug. 6, 2010 (Bankr. N.D. Tex. Case No. 10-35547).
Gerrit M. Pronske, Esq., at Pronske & Patel, P.C., assists the
Debtor in its restructuring effort.  The Debtor estimated its
assets at $10 million to $50 million and debts at $1 million to
$10 million as of the Petition Date.

Affiliates Bon Secour Partners, LLC; PRS II, LLC; PRM Realty
Group, LLC; PMP II, LLC; Maluhia Development Group, LLC; Maluhia
One, LLC; Maluhia Eight, LLC; Maluhia Nine, LLC; and Long Bay
Partners, LLC, filed separate Chapter 11 petitions.

On Oct. 14, 2010, the Court approved the joint administration of
the case of Econometric Management, Inc., with the Debtors.

No trustee or examiner has been appointed in the Debtors' Chapter
11 bankruptcy proceeding, nor has a creditors' committee or other
official committee been appointed.


QUARRY POND: Court Converts Case to Chapter 7 Proceeding
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
converted the Chapter 11 case of Quarry Pond LLC to Chapter 7
liquidation proceeding.  The Court directed the Debtor to file a
schedule of unpaid debts incurred after the filing of the petition
and before conversion of the case, including the name and address
of each holder of a claim.

                         About Quarry Pond

Quarry Pond, LLC -- dba Quarry Ponds Town Center and One Ripe
Tomato -- filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Calif. Case No. 09-33426) on November 3, 2009.  Ruth Elin
Auerbach, Esq., assists the Company in its restructuring efforts.
The Company estimated $10 million to $50 million in assets and
debts in its petition.  Quarry Ponds averted foreclosure by Bank
of New York Mellon, which holds $19.2 million in debt.


REALOGY CORP: 2016 Bank Debt Trades at 6% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which Realogy Corp. is a
borrower traded in the secondary market at 93.98 cents-on-the-
dollar during the week ended Friday, March 18, 2011, a drop of
1.84 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 425 basis points above LIBOR to borrow
under the facility.  The bank loan matures on October 10, 2016,
and carries Standard & Poor's B- rating.  The loan is one of the
biggest gainers and losers among 165 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

As reported by the Troubled Company Reporter of February 8, 2011,
Standard & Poor's Ratings Services raised its corporate credit
rating on Realogy Corp. to 'CCC' from 'CC'.  S&P removed the
rating from CreditWatch, where it was placed with positive
implications Jan. 18, 2011.  The rating outlook is positive.

In addition, S&P revised its recovery rating on the company's non-
extended senior secured credit facilities to '1', indicating its
expectation of very high (90% to 100%) recovery for lenders in the
event of a payment default.  S&P raised its issue-level rating on
this debt to 'B-' -- two notches higher than the 'CCC' corporate
credit rating -- in accordance with its notching criteria for a
recovery rating of '1'.

S&P also raised its issue-level rating on the company's existing
second-lien term loan, senior unsecured notes, and subordinated
notes to 'CC' from 'C'.  The recovery rating remains at '6',
indicating S&P's expectation of negligible (0% to 10%) recovery
for debtholders in the event of a payment default.  These issue-
level ratings were also removed from CreditWatch.

At the same time, S&P assigned Realogy's extending senior secured
credit facilities its issue-level rating of 'B-' with a recovery
rating of '1'.

                       About Realogy Corp.

Realogy Corp. -- http://www.realogy.com/-- a global provider of
real estate and relocation services with a diversified business
model that includes real estate franchising, brokerage, relocation
and title services.  Realogy's world-renowned brands and business
units include Better Homes and Gardens Real Estate, CENTURY 21,
Coldwell Banker, Coldwell Banker Commercial, The Corcoran Group,
ERA, Sotheby's International Realty, NRT LLC, Cartus and Title
Resource Group.  Collectively, Realogy's franchise systems have
around 15,000 offices and 270,000 sales associates doing business
in 92 countries around the world.

Headquartered in Parsippany, N.J., Realogy is owned by affiliates
of Apollo Management, L.P., a leading private equity and capital
markets investor.  Realogy fully supports the principles of the
Fair Housing Act.

The Company's balance sheet at Sept. 30, 2010, showed $2.67
billion in total assets, $9.14 billion in total liabilities, and a
stockholders' deficit of $981.0 million.

It has 'Caa2' corporate family rating and 'Caa3' probability of
default rating, with positive outlook, from Moody's.  The rating
outlook is positive.  Moody's said in January 2011 that the 'Caa2'
CFR and 'Caa3' PDR reflects very high leverage, negative free cash
flow and uncertainty regarding the timing and strength of a
recovery of the residential housing market in the US.  Moody's
expects Debt to EBITDA of about 14 times for the 2010 calendar
year.  Despite the recently completed and proposed improvements to
the debt maturity profile, the Caa2 CFR continues to reflect
Moody's view that current debt levels are unsustainable and that a
substantial reduction in debt levels will be required to stabilize
the capital structure.


REALOGY CORP: 2013 Bank Debt Trades at 6% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which Realogy Corp. is a
borrower traded in the secondary market at 94.45 cents-on-the-
dollar during the week ended Friday, March 18, 2011, a drop of
0.88 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 300 basis points above LIBOR to borrow
under the facility.  The bank loan matures on September 30, 2013.
The loan is one of the biggest gainers and losers among 165 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

As reported by the Troubled Company Reporter of February 8, 2011,
Standard & Poor's Ratings Services raised its corporate credit
rating on Realogy Corp. to 'CCC' from 'CC'.  S&P removed the
rating from CreditWatch, where it was placed with positive
implications Jan. 18, 2011.  The rating outlook is positive.

In addition, S&P revised its recovery rating on the company's non-
extended senior secured credit facilities to '1', indicating its
expectation of very high (90% to 100%) recovery for lenders in the
event of a payment default.  S&P raised its issue-level rating on
this debt to 'B-' -- two notches higher than the 'CCC' corporate
credit rating -- in accordance with its notching criteria for a
recovery rating of '1'.

S&P also raised its issue-level rating on the company's existing
second-lien term loan, senior unsecured notes, and subordinated
notes to 'CC' from 'C'.  The recovery rating remains at '6',
indicating S&P's expectation of negligible (0% to 10%) recovery
for debtholders in the event of a payment default.  These issue-
level ratings were also removed from CreditWatch.

At the same time, S&P assigned Realogy's extending senior secured
credit facilities its issue-level rating of 'B-' with a recovery
rating of '1'.

                       About Realogy Corp.

Realogy Corp. -- http://www.realogy.com/-- a global provider of
real estate and relocation services with a diversified business
model that includes real estate franchising, brokerage, relocation
and title services.  Realogy's world-renowned brands and business
units include Better Homes and Gardens Real Estate, CENTURY 21,
Coldwell Banker, Coldwell Banker Commercial, The Corcoran Group,
ERA, Sotheby's International Realty, NRT LLC, Cartus and Title
Resource Group.  Collectively, Realogy's franchise systems have
around 15,000 offices and 270,000 sales associates doing business
in 92 countries around the world.

Headquartered in Parsippany, N.J., Realogy is owned by affiliates
of Apollo Management, L.P., a leading private equity and capital
markets investor.  Realogy fully supports the principles of the
Fair Housing Act.

The Company's balance sheet at Sept. 30, 2010, showed $2.67
billion in total assets, $9.14 billion in total liabilities, and a
stockholders' deficit of $981.0 million.

It has 'Caa2' corporate family rating and 'Caa3' probability of
default rating, with positive outlook, from Moody's.  The rating
outlook is positive.  Moody's said in January 2011 that the 'Caa2'
CFR and 'Caa3' PDR reflects very high leverage, negative free cash
flow and uncertainty regarding the timing and strength of a
recovery of the residential housing market in the US.  Moody's
expects Debt to EBITDA of about 14 times for the 2010 calendar
year.  Despite the recently completed and proposed improvements to
the debt maturity profile, the Caa2 CFR continues to reflect
Moody's view that current debt levels are unsustainable and that a
substantial reduction in debt levels will be required to stabilize
the capital structure.


RICHARD EMERSON: Former Priest Files for Chapter 7 Bankruptcy
-------------------------------------------------------------
The Associated Press reports that Richard Emerson, a former Roman
Catholic priest accused in lawsuits of molesting boys, has filed
for Chapter 7 bankruptcy protection in U.S. Bankruptcy Court in
Georgia.

According to the report, the filing listed five pending civil
lawsuits to which Mr. Emerson is a party.  They stem from
accusations from his time as a priest in northwest Indiana and
Orlando, Florida.

The AP notes Mr. Emerson listed $53,184 in assets and $53,713 in
liabilities.


ROBERT WAYNE HARVEY: Court Sends Suit v. Miller, UHS to Jury Trial
------------------------------------------------------------------
Judge Marvin Isgur granted the request of defendants Frank Miller
and United Hearing Services Corporation for jury trial in the
lawsuit, Robert Wayne Harvey, v. United Hearing Services
Corporation, et al., Adv. Pro. No. 10-01011 (Bankr. S.D. Tex.).
The Bankruptcy Court also said it would recommend that the
District Court withdraw the reference in the suit.

Robert Wayne Harvey -- dba RNS Sound & Vision; dba RNS
Technologies, Inc. -- sued Mr. Miller and UHS on December 23,
2010.  Mr. Harvey is an owner of UHS, and he sued both Mr. Miller
and UHS for their alleged failure to pay Mr. Harvey distributions
from UHS's profits.  Additionally, Mr. Harvey sued Mr. Miller for
tortious interference with Mr. Harvey's business relationship with
Rite-Way Pediatric Therapy, L.L.C.; Mr. Miller's alleged breach of
fiduciary duty as a member of Rite-Way's board of directors;
fraudulently misappropriating money from UHS; breach of fiduciary
duty as a member of UHS's board of directors; breach of the duty
of loyalty to UHS; and conversion of equipment allegedly owned by
Mr. Harvey.

A copy of Judge Isgur's March 17, 2011 Memorandum Opinion is
available at http://is.gd/LQCYeufrom Leagle.com.

                     About Robert Wayne Harvey

Based in Harlingen, Texas, Robert Wayne Harvey -- dba RNS Sound &
Vision; dba RNS Technologies, Inc. -- filed for Chapter 11
bankruptcy (Bankr. S.D. Tex. Case No. 10-10242) on April 1,
2010, listing $500,001 to $1 million in assets and $1 million to
$10 million in debts.  Ellen C. Stone, Esq. --
ignbro@ellenstonelaw.com -- at The Stone Law Firm, P.C.


ROTECH HEALTHCARE: S&P Raises Corporate Credit Rating to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating to 'B' from 'B-' and raised its first-lien
senior secured debt rating to 'BB-' from 'B+' on Orlando, Fla.-
based Rotech Healthcare Inc., following the completion of the
company's $290 million second-lien senior secured notes offering.
The '1' recovery rating, reflecting expectations for very high
(90%-100%) recovery in the event of default, on the first-lien
notes is unchanged.

On March 7, 2011, S&P assigned its 'B' issue-level rating (the
same as the new 'B' corporate credit rating on the company) to
Rotech's proposed $290 million second-lien senior secured notes
due 2018.  The recovery rating on this debt is '4', indicating
S&P's expectation of average (30%-50%) recovery for lenders in the
event of a payment default.  These ratings are unchanged.

"The ratings on Rotech Healthcare Inc. reflect the company's weak
business risk profile, incorporating Rotech's exposure to Medicare
reimbursement reductions for its products and services," said
Standard & Poor's credit analyst Jesse Juliano.  The rating also
reflects the company's highly leveraged financial risk profile.

Rotech's weak business risk profile reflects its narrow focus in
providing home respiratory care services (about 87% of revenue);
the balance is durable medical equipment and other services.
Related challenges with government reimbursement far outweigh the
benefits of the company's position as the No. 3 provider in its
niche industry segment.  Although Rotech serves patients in 48
states through approximately 425 centers, principally in nonurban
markets, the company's concentration in respiratory therapy
exposes it to changes in the respiratory care field, including
reimbursement pressures.


SABRE DEFENCE: Sells Assets to Manroy USA for $5 Million
--------------------------------------------------------
Bankruptcy Law360 reports that Manroy USA LLC has paid $4.95
million for the assets of Sabre Defence Industries LLC, whose
owner has been indicted on arms smuggling charges, according to a
bankruptcy court order filed Wednesday in Tennessee.

Judge Keith M. Lundin of the U.S. Bankruptcy Court for the Middle
District of Tennessee approved a deal in which Manroy USA LLC
would gain control of all Sabre's assets, according to Law360.

                       About Sabre Defence

Headquartered in Nashville, Tenn., Sabre Defence Industries LLC
is a maker of semi-automatic, fully-automatic and assault rifles.
Sabre Defence Industries LLC filed a Chapter 11 petition (Bankr.
M.D. Tenn. Case No. 11-01431) on Feb. 15, 2011.  Sabre reported no
more than $50,000 each in assets and debts in a bare-bones
bankruptcy filing.  See http://bankrupt.com/misc/tnmb11-01431.pdf

The Nashville Business Journal notes the Company filed its Chapter
11 petition with the U.S. Bankruptcy Court in Nashville, the same
district where its biggest customer -- the U.S. government -- sued
the company and five of its managers.


ST. JOSEPH MEDICAL: IASIS to Buy 78.2% Stake
--------------------------------------------
IASIS Healthcare(R) LLC said that it has entered into a definitive
agreement to purchase a 78.2% interest in St. Joseph Medical
Center, a 792-bed facility in downtown Houston, Texas.

St. Joseph Medical Center provides a full range of general, acute
care medical and surgical inpatient and outpatient services
including cardiology and cardiovascular surgery, cancer,
intensive/critical care, emergency, neurosurgery, imaging,
orthopedics, neonatal intensive care and a full-service women's
program as well as sub-acute services such as psychiatric and
rehabilitation units.

The hospital's current majority owner initiated the sale of its
interest in the hospital as part of its Chapter 7 bankruptcy
process.  The hospital itself is profitable and is not a party to
the majority owner's bankruptcy filing.

As part of the bankruptcy process, Bankruptcy Trustee Alfred T.
Giuliano has selected IASIS Healthcare as the contracting party
for purchase of a majority interest in the hospital.  The
hospital's minority partners have approved IASIS as their new
majority partner.  The proposed sale transaction will take place
pursuant to a court-directed auction process.

"Thanks to the hard work and dedication of our highly skilled
medical staff and compassionate employees, St. Joseph continues to
be recognized as a quality hospital serving the Greater Houston
region," said Dr. John Bertini, a prominent Houston-area urologist
and St. Joseph Medical Center Chairman of the Board.  "Keeping our
mission of service in the forefront, we approached this process as
an opportunity to find a new majority owner and capital partner
that not only shares our commitment to providing high-quality
patient care, but also has the vision and ability to help
St. Joseph achieve a new level of operational excellence."

St. Joseph Medical Center opened its doors on June 1, 1887, and
became Houston's first hospital. Positioned on eight city blocks
at the edge of Houston's revitalized downtown, St. Joseph was the
first hospital to provide emergency, imaging and maternity
services to what is now the fourth largest city in the nation.
Known as "Houston's Birthplace" for many native Texans, St. Joseph
is also Houston's first teaching hospital, currently providing
residency programs and teaching opportunities for six medical
schools.

Per the agreement, a group of independent investors, most of whom
are physicians on the medical staff of St. Joseph Medical Center,
will retain a 21.8% ownership interest in the hospital.  Total
annual net revenue for St. Joseph is approximately $245 million.
The purchase price will be based upon an enterprise value of $165
million and is subject to customary closing adjustments. Pending
the outcome of the bankruptcy sale process, regulatory approvals
and customary closing conditions, the transaction is expected to
close in IASIS' third fiscal quarter for 2011.

"As the first hospital in Houston, St. Joseph has the longest
history and the most celebrated tradition of providing
compassionate, high quality care to the residents of southeast
Texas," said IASIS Healthcare President and Chief Executive
Officer Carl Whitmer.  "As part of our commitment to St. Joseph,
its medical staff, employees and the growing community it serves,
we will commit our proven operational strategies, advanced
clinical information systems, comprehensive quality infrastructure
and access to capital, all of which will help this great hospital
continue to fulfill its 124-year-old mission.  We are particularly
excited about bringing our operational expertise to support the
hospital's role as a prominent teaching hospital.  St. Joseph's is
the oldest teaching hospital in Houston and one of the oldest
teaching hospitals in all of Texas. We look forward to honoring,
supporting and expanding this important mission."

Mr. Whitmer added, "We are privileged to have been selected as the
stalking horse in this sale process and look forward to the
prospect of soon adding St. Joseph to our growing family of
hospitals."

The addition of St. Joseph will expand IASIS' Texas presence to
five hospitals and 1,935 licensed beds.  IASIS owns and operates
Odessa Regional Medical Center in Odessa, The Medical Center of
Southeast Texas in Port Arthur, Southwest General Hospital in
San Antonio and Wadley Regional Medical Center in Texarkana.

Stroudwater Capital served as the Investment Banker for the
Trustee.


SARAH G'S: Files for Chapter 11 Bankruptcy in Orlando
-----------------------------------------------------
Orlando Sentinel reports that Sarah G's Holdings LLC at 1898
Southside Morris Blvd., Daytona Beach, filed for Chapter 11
bankruptcy protection in Central Florida.  The Company has $1.39
million in assets, and $7.03 million in liabilities.  The
Company's major creditors are 7-Eleven Corp. in Miami, owing
$5 million.


SEITEL INC: Posts $63.4 Million Net Loss for 2010
-------------------------------------------------
Seitel, Inc., filed on March 16, 2011, its annual report on Form
10-K for the fiscal year ended Dec. 31, 2010.

For the year ended Dec. 31, 2010, the net loss was $63.4 million
compared to a 2009 net loss of $96.8 million for the year ended
Dec. 31, 2009.

Total revenue for the year ended Dec. 31, 2010, was $175.6 million
compared to $115.3 million for the same period in 2009.

The Company's balance sheet at Dec. 31, 2010, showed
$491.0 million in total assets, $498.0 million in total
liabilities, and a stockholders' deficit of $7.0 million.

A full-text copy of the Form 10-K is available for free at:

               http://researcharchives.com/t/s?7565

                        About Seitel Inc.

Houston, Tex.-based Seitel, Inc. -- http://www.seitel.com/--
provides onshore seismic data to the oil and gas industry in North
America.  Seitel's data products and services are critical for the
exploration for, and development and management of, oil and gas
reserves by oil and gas companies.  Seitel has ownership in an
extensive library of proprietary onshore and offshore seismic data
that it has accumulated since 1982 and that it licenses to a wide
range of oil and gas companies.  Seitel believes that its library
of onshore seismic data is the largest available for licensing in
North America.  Seitel's seismic data library includes both
onshore and offshore 3D and 2D data.  Seitel has ownership in
approximately 43,000 square miles of 3D and approximately 1.1
million linear miles of 2D seismic data concentrated in the major
active North American oil and gas producing regions.

                           *     *     *

Seitel carries Standard & Poor's Ratings Services corporate credit
rating 'CCC+'.  The outlook is developing.


SHILO INN: Court Approves Levene Nea as Bankruptcy Counsel
----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
authorized Shilo Inn Killeen LLC to employ Levene, Neale, Bender,
Yoo & Brill LLP as its bankruptcy counsel.

The firm will:

   a) advise the Debtor with regard to the requirements of the
      Court, bankruptcy code, and bankruptcy rules and the office
      of the U.S. Trustee as they pertain to the Debtor;

   b) advise the Debtor with regard to certain rights and remedies
      of its bankruptcy estate and the rights, claims and interest
      of creditors;

   c) represent the Debtor in any proceeding or hearing in the
      Court involving its estate unless the Debtor is represented
      in the proceeding or hearing by other special counsel;

   d) conduct examinations of witnesses, claimants or adverse
      parties and represent the Debtor in any adversary proceeding
      except to the extent that any adversary proceeding is in an
      area outside the firm's expertise; and

   e) prepare and assist the Debtor in the preparation of reports,
      applications, pleadings and orders including, but not
      limited to, applications to employ professionals, interim
      statements and operating reports, initial filing
      requirements, schedules and statements of financial affairs.

The firm's attorneys and their hourly rates are:

      Attorneys                   Hourly Rates
      ---------                   ------------
      David W. Levene, Esq.           $595
      Davide L. Neale, Esq.           $595
      Ron Bender, Esq.                $595
      Martin J. Brill, Esq.           $595
      Timothy J. Yoo, Esq.            $595
      Edward M. Wolkowitz, Esq.       $595
      David B. Golubchik, Esq.        $575
      Monica Y. Kim, Esq.             $550
      Beth Ann. R. Young, Esq.        $550
      Daniel H. Reiss, Esq.           $550
      Irving M. Gross, Esq.           $550
      Philipp A. Gasteier, Esq.       $495
      Jacqueline L. James, Esq.       $495
      Juliet Y. Oh, Esq.              $495
      Michelle S. Grimberg, Esq.      $495
      Todd M. Arnold, Esq.            $495
      Tood A. Frealy, Esq.            $495
      Anthony A. Friedman, Esq.       $435
      Carmela T. Pagay, Esq.          $435
      Krikor J. Meshefejian, Esq.     $375
      John-Patrick M. Fritz, Esq.     $375
      Gwendolen D. Long, Esq.         $345
      Lindsey L. Smith, Esq.          $275
      Paraprofessionals               $195

The firm attests that it is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

                        About Shilo Inn

Portland, Oregon-based Shilo Inn, Killeen, LLC, filed for
Chapter 11 bankruptcy on Dec. 6, 2010 (Bankr. C.D. Calif. Case No.
10-62057).  David B. Golubchik, Esq., and John-Patrick M. Fritz,
Esq., Levene Neale Bender Rankin Et Al, serve as bankruptcy
counsel.  The Debtor estimated its assets and debts at $10 million
to $50 million.

Affiliate Shilo Inn, Diamond Bar, LLC (Bankr. C.D. Calif. Case No.
10-60884) filed separate Chapter 11 petition on Nov. 29, 2010.


SHOPPES OF LAKESIDE: Bank Wants Chapter 11 Case Dismissed
---------------------------------------------------------
Secured creditor Hancock Bank asks the U.S. Bankruptcy Court for
the Middle District of Florida to dismiss the Chapter 11 case of
Shoppes of Lakeside Inc.

A hearing is set for April 4, 2011, at 10:30 a.m., in 4th Floor
Courtroom 4A , 300 North Hogan Street in Jacksonville, Florida, to
consider approval of the bank's request.

According to the bank, this case was filed as part of a scheme to
abuse the bankruptcy process.  In addition, to being filed for the
purpose of frustrating the legitimate efforts of secured lenders
to enforce their rights.  This case was filed in a manner devised
to evade protections afforded to creditors under applicable
bankruptcy law.

The bank is owed about $289,007 accrued interest of $13,744 as of
June 15, 2011.

Leane McKnight Prendergast, Esq., at Smith Hulsey and Busey,
represents the bank.


SHUBH HOTELS: Unsecureds Raise Concern on Revised Plan
------------------------------------------------------
Kim Loenard at Pittsburgh Tribune-Review reports that Hilton
Worldwide Inc. claims it is owed $4.7 million in royalties and
other fees related to the abrupt end of its franchise license for
Pittsburgh's largest hotel -- but a bankruptcy settlement might
pay the hospitality chain a fraction of that amount.

According to the report, attorneys for Hilton and about 200
other businesses with unsecured claims against hotel owner Shubh
Hotels Pittsburgh LLC raised issues with a new Chapter 11
reorganization plan that earmarks $650,000 for them to share.  The
businesses list more than $30 million in combined claims.

Pittsburgh Tribune-Review says creditors were to be paid in full
for court-allowed claims under earlier proposals, but under the
plan filed last week 80% of those owed money would recover
"pennies on the dollar," attorney John Steiner, who represents an
official committee of unsecured creditors, told U.S. Bankruptcy
Judge Jeffery Deller.  Mr. Steiner and other attorneys said the
disagreements could be worked out in coming weeks.

Judge Deller set a March 29 hearing on several matters, including
approval of a settlement between hotel mortgage holder BlackRock
Financial Management Inc. and Dr. Kiran Patel, a Tampa businessman
and cardiologist who acquired Shubh's equity in late September,
the report relates.

The report adds the Wyndham Grand Pittsburgh Downtown was a Hilton
from its 1959 opening until six months ago, when Hilton revoked
its franchise license due to failing scores on inspections.
Shubh, which bought the hotel from Hilton in 2006, sought
bankruptcy protection from creditors after BlackRock moved to
foreclose on its $49.6 million loan.

A settlement reached Feb. 25, 2011, after mediated talks would pay
BlackRock $10 million, and the New York City-based company would
remain the mortgage funder under new terms.  May 30, 2011, is the
proposed effective date.

Mr. Steiner said the new plan carves out creditors the 712-room
hotel won't need to do business with in the future, and gives them
lesser payments.  Onetime Shubh Pittsburgh parent Shubh Hotels LLC
has the largest claim, more than $15 million, the plan filed with
the court shows.

                  About Shubh Hotels Pittsburgh

Boca Raton, Florida-based Shubh Hotels Pittsburgh, LLC, owns and
operates the largest hotel in the City of Pittsburgh.  For roughly
50 years, the Hotel operated as a Hilton franchise.  Hilton
terminated the Hilton Franchise Agreement by letter dated
September 1, 2010.  The Debtor filed for Chapter 11 bankruptcy
protection on September 7, 2010 (Bankr. W.D. Pa. Case No.
10-26337).  Scott M. Hare, Esq., in Pittsburgh, Pennsylvania, and
attorneys at Rudov & Stein, P.C., serve as co-counsel.  The Debtor
estimated its assets at $10 million to $50 million and debts at
$50 million to $100 million.


SLL ENTERTAIMENT: Files for Chapter 7 Bankruptcy
------------------------------------------------
Dolly Brosan, staff writer at St. Petersburg Times, reports SSL
Entertainment Inc. -- dba Eastern Events, Soundstage Live, Tampa
Bay Events, BBQFest -- filed for Chapter 7 bankruptcy protection
(Case No. 11-04186).  SSL Entertainment Inc. is located at302
North Matanzas Ave, Tampa.


SMART-TEK SOLUTIONS: Plans to Hold Stockholders Meeting on July 1
-----------------------------------------------------------------
Smart-tek Solutions, Inc., submitted an Amendment No. 1 to its
annual report on Form 10-K for the year ended June 30, 2010, filed
with the U.S. Securities and Exchange Commission on Oct. 13, 2010,
for the sole purpose of disclosing why the Company has not held an
annual shareholder meeting for several years, along with the
reasons for such failure to hold such annual meeting and the date
of the Company's planned next annual shareholder meeting.

According to the Company, the main reason for not holding a
meeting was due to lack of funds to hold the meeting as result of
the large losses incurred by it.  However, as disclosed in the
Company's filings, the Company's new line of business providing
integrated and cost-effective management solutions in the area of
human resources for public and private companies which the Company
started on June 17, 2009, has generated a profit from the first
day of operations.  As such, the Company is planning on holding an
annual shareholder meeting on July 1, 2011.

                     About Smart-tek Solutions

Newport Beach, Calif.-based Smart-tek Solutions Inc. has two
business lines.  Through its wholly owned subsidiary Smart-Tek
Communications Inc. the Company specializes in the design and
development of Radio Frequency Identification (RFID) integration,
monitoring and tracking solutions to meet industry demands.
Through its wholly owned subsidiary Smart-Tek Automated Services
Inc. the Company provides professional employer organization
services.

The Company reported a net loss of $613,962 on $5.28 million of
total revenue for the three months ended Sept. 30, 2010, compared
with a net loss of $164,600 on $1.82 million of total revenue for
the same period a year earlier.

John Kinross-Kennedy, of Irvine, California, expressed substantial
doubt about the Company's ability to continue as a going concern.
Mr. Kinross-Kennedy noted that that the Company has suffered
recurring losses until the latest fiscal year, and has a working
capital deficiency of $994,278 and a stockholders' deficiency of
$438,164 at June 30, 2010.


SONYA TREMONT: Court to Consider Motion to Dismiss Today
--------------------------------------------------------
The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York has adjourned to March 22, 2011, at
11:00 a.m., the hearing to consider the motion to dismiss the
Chapter 11 case of Sonya Tremont-Morgan.

Hannibal Pictures, Inc., asked that the Court dismiss or convert
the Chapter 11 case of Sonya Tremont-Morgan and STAM LLC, its
debtor-affiliate, or, in the alternative, appoint a Chapter 11
trustee to manage the Debtors' affairs.

Sonya Tremont is represented by:

     GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
     1501 Broadway, 22th Floor
     New York, NY 10036
     Tel: (212) 221-5700

Hannibal Pictures are represented by:

     Robert N. Michaelson, Esq.
     THE MICHAELSON LAW FIRM
     11 Broadway, Suite 615
     New York, NY 10004
     Tel: (212) 604-0685
     Fax: (800) 364-1291

          - and -

     Kenneth C. Greene, Esq.
     HAMRICK & EVANS, LLP
     111 Universal Hollywood Drive Suite 2200
     Universal City, CA 91608
     Tel: (818) 763-5292
     Fax: (818) 763-2308

                    About Sonja Tremont-Morgan

New York City-based Sonja Tremont-Morgan filed for Chapter 11
protection on Nov.  17, 2010 (Bankr. S.D. N.Y Case No. 10-16132).
The Debtor disclosed $13,458,749 in assets and $19,839,501 in
liabilities as of the Chapter 11 filing.


SOUNDSTAGE LIVE: Files for Chapter 7 Bankruptcy
-----------------------------------------------
Dolly Brosan, staff writer at St. Petersburg Times, reports that
Soundstage Live Inc. of Florida -- dba Eastern Events, Soundstage
Live, Tampa Bay Events, and BBQFest -- filed for Chapter 7
bankruptcy protection (Case No. 11-04185).  Soundstage Live Inc.
of Florida is located at 302 N Matanzas Ave., Tampa.


SOUTH LOUISIANA ETHANOL: CRGTWO Gets $31,209 Admin. Expense Claim
-----------------------------------------------------------------
Bankruptcy Judge Elizabeth W. Magner rules that CRGTWO, Inc., is
entitled to a total administrative expense of $31,209 in the
bankruptcy case of South Louisiana Ethanol, L.L.C.

In 2006, South Louisiana Ethanol, L.L.C., began the construction
and refurbishment of a production facility in Belle Chasse,
Louisiana.  In connection with its project, it contracted with
Benchmark Design USA, Inc., for the fabrication and refurbishment
of industrial equipment.  On Aug. 8, 2007, Benchmark and SLE
entered into an Equipment Reconditioning Agreement.  Benchmark
operations were conducted in part from a facility located in Plant
City, Florida.  The facility was leased from CRG under a Lease
Agreement dated Feb. 1, 2007.

A copy of Judge Magner's March 16, 2011 Reasons for Decision is
available at http://is.gd/Xg0kZufrom Leagle.com.

South Louisiana Ethanol LLC is the owner of a non-operating
ethanol plant in Belle Chasse, Louisiana.  South Louisiana
purchased the non-operating plant in 2006 with plans for
rebuilding. When financing fell through, it shut down the
construction project in September 2007.

The Company filed for Chapter 11 on (Bankr. E.D. La. Case No.
09-12676) on Aug. 25, 2009.  Emile L. Turner Jr., Esq., represents
the Debtor in its restructuring effort.  In its petition, the
Debtor listed $10 million to $50 million in assets and $50 million
to $100 million in debts.


SOUTH PADRE: Sec. 341 Creditors' Meeting Rescheduled for April 15
-----------------------------------------------------------------
The U.S. Trustee for the Southern District of Texas rescheduled a
meeting of creditors in South Padre Investment, LP's Chapter 11
case to April 15, 2011, at 11:00 a.m., from March 24, at 12:00
p.m.  The meeting will be held at Room 1107, 606 N. Carancahua,
Corpus Christi, Texas.

This is the first meeting of creditors pursuant to Sec. 341 of the
Bankruptcy Code.

The Debtor's representative must be present at the meeting to be
questioned under oath by the trustee and by creditors.  Creditors
are welcome to attend, but are not required to do so.  The meeting
may be continued and concluded at a later date without further
notice.

Pursuant to the notice of the 341 meeting, creditors will have
June 22 to file proofs of claim in the Debtor's case.  The notice
does not indicate the bar date for governmental units to file
proofs of claim.

                   About South Padre Investment

South Padre Investment, LP, filed a bare-bones Chapter 11 petition
(Bankr. S.D. Tex. Case No. 11-20056) on Jan. 29, 2011 in Corpus
Christi, Texas.  Judge Richard S. Schmidt presides over the case.
James S. Wilkins, Esq., at WILLIS & WILKINS, serves as bankruptcy
counsel to the Debtor. The Debtor disclosed $14,743,370 in assets
and $9,077,613 in liabilities.


SPECIALTY PRODUCTS: Saffolds Want Stay Lifted as to Bondex Int'l
----------------------------------------------------------------
Judgment creditors Beverly Saffold, individually and as personal
representative of Ronald Saffold, decedent, Suzette Saffold, and
Eric Saffold ask the U.S. Bankruptcy Court for the District of
Delaware for relief from the automatic stay: 1) to permit Bondex
International, Inc.'s state court appeal from a final judgment to
proceed to conclusion in the California appellate system; and 2)
to permit the Saffolds to levy on two supersedeas bonds securing
their judgment if they prevail on appeal.

The hearing on the motion is set for March 28, 2011, at 9:30 a.m.

Ronald Saffold was a maintenance worker for Warner Brothers
Studios in Los Angeles, California.  He worked on the demolition
and clean-up of movie sound stages.  During the course of his
employment, he was exposed to asbestos fibers used in joint
compound and similar construction materials.  As a result of his
asbestos exposure, he developed mesothelioma and eventually died,
leaving a widow and two adult children.  Beverly Saffold is his
personal representative.  The Saffolds sued the Debtor, Bondex
International, Inc., and other manufacturers of asbestos
containing construction materials for wrongful death in California
Superior Court for the County of Los Angeles in Case No.
BC-341491.  On Aug. 14, 2008, the Los Angeles Superior Court
issued its Judgment on Special Verdict awarding total damages of
$5,400,280 and assigning $1,518,232.88 of the total liability to
Bondex.

Bondex appealed from the Final Judgment to the intermediate level
California Court of Appeals.

To prevent execution on the Final Judgment, on Nov. 12, 2008,
Bondex posted a supersedeas bond in the amount of $1,518,232.88 --
First Supersedeas Bond -- with Liberty Mutual Insurance Company as
the surety.

On Dec. 4, 2008, Bondex posted a separate supersedeas bond --
Second Supersedeas Bond -- in the amount of $759,116.44.  Liberty
Mutual Insurance is also the surety for the Second Supersedeas
Bond.  The combined amount of the two Supersedeas Bonds is
$2,277,349.20.  As a result of the Final Judgment, the First
Supersedeas Bond, and the Second Supersedeas Bond, the Saffolds
have a fixed, liquidated secured claim against Bondex in the
amount of $1,518,232.88, plus post-judgment interest, which
accrues at the California judgment rate of 10% per year.  Based
upon the amount of the Final Judgment and the statutory interest
rate, per diem interest accrues in amount of $415.95.

Bondex filed a voluntary Petition in Chapter 11 on May 31, 2010.
As of the Petition Date, the total amount of the Final Judgment,
with accrued interest had grown to $1,790,680.13.  As of Jan. 14,
2011, that amount had grown to $1,885,516.73.  Bondex's appeal
from the Final Judgment is pending in the California Court of
Appeals, but the appeal is stayed by the bankruptcy.

                     About Specialty Products

Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,
Inc., is a wholly owned subsidiary of RPM International Inc.  The
Company is the holding company parent of Bondex International,
Inc., and the direct or indirect parent of certain additional
domestic and foreign subsidiaries.  The Company claims to be a
leading manufacturer, distributor and seller of various specialty
chemical product lines, including exterior insulating finishing
systems, powder coatings, fluorescent colorants and pigments,
cleaning and protection products, fuel additives, wood treatments
and coatings and sealants, in both the industrial and consumer
markets.

The Company and its affiliates filed for Chapter 11 bankruptcy on
May 31, 2010 (Bankr. D. Del. Lead Case No. 10-11780), estimating
its assets and debts at $100,000,001 to $500,000,000.  The
Company's affiliate, Bondex International, Inc., filed a separate
Chapter 11 petition on May 31, 2010 (Case No. 10-11779),
estimating its assets and debts at $100,000,001 to $500,000,000.

Gregory M. Gordon, Esq., Dan B. Prieto, Esq., and Robert J. Jud,
Esq., at Jones Day, serve as bankruptcy counsel to the
Debtors.  Daniel J. DeFranceschi, Esq., and Zachary I. Shapiro,
Esq., at Richards Layton & Finger, serve as co-counsel.  Logan and
Company is the Company's claims and notice agent.  Blackstone
Advisory Partners L.P. is the Debtors' financial advisor and
investment banker.

As of the Petition Date, the Debtors were defendants in over
10,000 pending asbestos-related bodily injury lawsuits.  A
significant portion of these lawsuits involve mesothelioma claims.

Attorneys at Montgomery McCracken Walker & Rhoads, LLP, serve as
counsel to the Committee of Asbestos Personal Injury Claimants.


SPITZER INDUSTRIES: Moody's Affirms 'B2' Rating on $85 Mil. Loan
----------------------------------------------------------------
Moody's Investor Service affirmed the B2 rating on Spitzer
Industries, Inc. proposed $85 million credit facility, which
consists of a $15 million revolver and $70 million term loan.  At
the same time, Moody's affirmed Spitzer's B2 corporate family
rating and B3 probably of default rating.  The outlook remains
stable.  The ratings are subject to review of final documents and
terms of the proposed term loan and revolver, including financial
covenants, restricted payments basket terms and cash flow sweep
terms.

The ratings affirmation reflects Spitzer's decrease in its
proposed revolver, to $15 million from $25 million, and term loan
offering, to $70 million from $120 million.  The B2 senior secured
rating continues to reflect both Spitzer's overall probability of
default of B3 and a loss given default of LGD3 (31%, changed from
32%).  The credit facility will remain undrawn while the proposed
term loan will be used to refinance existing debt of approximately
$44 million (unchanged), fund a $23 million dividend to
shareholders and pay estimated fees and expenses of $3 million.

With the reduction in the proposed term loan size to $70 million,
Moody's estimates pro forma 2010 debt/EBITDA at 2.2x as compared
to 3.6x estimated with the $120 million term loan.  While the
lower leverage is conservative for the B2 rating, Spitzer's B2
ratings have limited upside due to the company's small size, risks
inherent with turnkey contracts, which compromise the majority of
its backlog, the need to establish a history of operating as a
leveraged company, and still high leverage based on small fixed
assets.  Moody's also note the with the proposed $15 million
revolver, liquidity does tighten, but is expected to remain
adequate.

The stable rating outlook assumes Spitzer will be able to improve
sequential earnings over the course of 2011 and use free cash flow
to reduce long term debt balances.  Given the company's small
size, a rating upgrade is not expected at this time,
notwithstanding a transaction that substantial increases the
company's size and scale without negatively impairing its
financial leverage profile.  On the other hand, the rating could
face downward pressure to liquidity pressures, a material decline
in the company's earnings or backlog or increased financial
leverage (over 5.0x debt/EBITDA).

Spitzer Industries, Inc., is headquartered in Houston, Texas.


STEVE NOLAN: Files For Chapter 7 Bankruptcy Protection
------------------------------------------------------
The Press-Enterprises reports that Corona City Councilman Steve
Nolan has filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court
in Riverside.  According to the report, Mr. Nolan blamed a
faltering economy that kept diners home when he closed a Backwoods
BBQ restaurant on Green River Road in July and moved another from
a large McKinley Street building in August.

Mr. Nolan listed $194,351 in assets, including his home and
restaurant equipment, and debts of $1,950,123, including $3,361
owed to the city's Department of Water and Power


STRASBURG-JARVIS: Wants to Close Five Stores
--------------------------------------------
Krista Klaus, staff writer at Kansas City Business-Journal,
reports that Strasburg-Jarvis told the U.S. Bankruptcy Court
for the District of Kansas it wants to close five additional
stores during the spring as part of its ongoing restructuring
efforts.  The company currently has 63 stores.

According to the report, attorneys for Strasburg asked the court
for permission to conduct store-closing sales pending lease
expirations at locations in Locust Grove, Ga.; Riverhead, N.Y.;
Wrentham, Mass.; Gilroy, Calif.; and Columbus, Ohio.

Based in Lenexa, Kansas, Strasburg-Jarvis Inc. filed for Chapter
11 bankruptcy protection on March 11, 2009 (Bankr. D. Kans. Case
No. 09-20622).  Judge Robert D. Berger presides over the case.
Donald G Scott, Esq., at McDowell Rice Smith and Buchanan,
represents the Debtor.  The Debtor estimated both assets and debts
of between $1 million and $10 million.


SUFFOLK REGIONAL: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Suffolk Regional Off-Track Betting Corporation
          aka Suffolk OTB
        5 Davids Drive
        Hauppauge, NY 11788
        Tel: (631) 853-1000

Bankruptcy Case No.: 11-71699

Chapter 11 Petition Date: March 18, 2011

Court: U.S. Bankruptcy Court
       Eastern District of New York (Central Islip)

Debtor's Counsel: Christopher F. Graham, Esq.
                  MCKENNA LONG & ALDRIDGE LLP
                  230 Park Avenue, Suite 1700
                  New York, NY 10169
                  Tel: (212) 905-8300
                  Fax: (212) 922-1819
                  E-mail: cgraham@mckennalong.com

Estimated Assets: $10,000,001 to $50,000,000

Estimated Debts: $10,000,001 to $50,000,000

The Company did not file a list of creditors together with its
petition.

The petition was signed by Jeffrey A. Casale, president and CEO.


SUN CONTROL: U.S. Trustee Unable to Form Creditors Committee
------------------------------------------------------------
W. Clarkson McDow, Jr., the U.S. Trustee for Region 4, notified
the U.S. Bankruptcy Court for the District of Maryland that he not
appointed an unsecured creditors' committee in the Chapter 11 case
of Sun Control Systems, Inc.

The U.S. Trustee explained that the number of persons eligible and
willing to serve on a committee is insufficient to form a
committee.

The U.S. Trustee also said that he will appoint a committee upon
the request of an adequate number of eligible unsecured creditors.

                    About Sun Control Systems

Based in Rockville, Maryland, Sun Control Systems, Inc., is a
specialty contractor furnishing and installing commercial window
treatments and visual communication tools.  Sun Control Systems
filed for Chapter 11 bankruptcy (Bankr. D. Md. Case No. 10-37991)
on December 13, 2010. Judge Wendelin I. Lipp presides over the
case.  Richard H. Gins, Esq., at The Law Office of Richard H.
Gins, LLC, serves as bankruptcy counsel.  The Debtor disclosed
$4,987,407 in assets and $10,372,515 in liabilities as of the
Chapter 11 filing.


SUPERIOR ACQUISITIONS: Stay Lifted as to "Churn Creek" Property
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
entered, on Feb. 25, 2011, an order approving the motion of DRMG,
LLC, for relief from stay with respect to the "Churn Creek"
property.

On Feb. 23, 2011, the Court approved a stipulation between the
Chapter 11 trustee and DRMG, LLC, granting relief from stay and
payment of adequate protection, as to the Churn Creek Property,
commonly described as the ground lease for the real property and
improvements located at 2971-2991 Churn Creek Road, in Redding,
California.

Pursuant to the stipulation, the Chapter 11 trustee, having no
intention to reorganize the property, and there being no existing
or anticipated funds to pay insurance on the property, so that
DRMG lacks adequate protection, has agreed that DRMG is entitled
to relief from stay to exercise all rights and remedies with
respect to the property.  The Chapter 11 trustee has also agreed
to turn over the rents on the property to DRMG, and that DRMG can
demand that tenants at the property pay rent directly to DRMG.

                    About Superior Acquisitions

Superior Acquisitions, Inc., in Lakeport, California, filed for
Chapter 11 bankruptcy (Bankr. N.D. Calif. Case No. 10-13730) on
Sept. 28, 2010, Judge Alan Jaroslovsky presiding.  The Law Offices
of Michael C. Fallon -- mcfallon@fallonlaw.net -- serves as
bankruptcy counsel to the Debtor.

Linda S. Green was appointed as Chapter 11 trustee.  She is
represented by John H. MacConaghy, Esq. -- macclaw@macbarlaw.com
-- at MacConaghy and Barnier, as counsel.  The Debtor disclosed
$13,889,530 in assets and $14,866,437 in liabilities as of the
Chapter 11 filing.


SUPERIOR ACQUISITIONS: Stay Lifted as to "Willow Point" Property
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
entered, on Feb. 25, 2011, an order approving the motion of DRMG,
LLC, for relief from stay with respect to the "Willow Point"
property, commonly known as 1 First Street, Lakeport, Calif.

On Feb. 14, 2011, the Court granted the Chapter 11 Trustee's
motion to abandon the Willow Point property to the Debtor.

                    About Superior Acquisitions

Superior Acquisitions, Inc., in Lakeport, California, filed for
Chapter 11 bankruptcy (Bankr. N.D. Calif. Case No. 10-13730) on
Sept. 28, 2010, Judge Alan Jaroslovsky presiding.  The Law Offices
of Michael C. Fallon -- mcfallon@fallonlaw.net -- serves as
bankruptcy counsel to the Debtor.

Linda S. Green was later appointed as Chapter 11 trustee.  She is
represented by John H. MacConaghy, Esq. -- macclaw@macbarlaw.com
-- at MacConaghy and Barnier, as counsel.  The Debtor disclosed
$13,889,530 in assets and $14,866,437 in liabilities as of the
Chapter 11 filing.


TERYL RESOURCES: Posts C$158,500 Net Loss in Nov. 30 Quarter
------------------------------------------------------------
Teryl Resources Corp. filed on March 16, 2011, its interim
financial statements for the three months ended Nov. 30, 2010.

The Company reported a net loss of C$158,461 for the three months
ended Nov. 30, 2010, compared with a net loss of C$215,639 for the
same period ended Nov. 30, 2009.

The Company's balance sheet at Nov. 30, 2010, showed
C$3.23 million in total assets, C$78,454 in total liabilities, and
stockholders equity of $3.16 million.

"The Company continues to incur operating losses, has limited
financial resources, limited sources of operating cash flow, and
no assurances that sufficient funding, including adequate
financing, will be available to conduct further exploration and
development of its mineral property projects," the Company said.

The Company says the foregoing conditions cast substantial doubt
about the assumption that the Company will continue to operate as
a going concern.

A complete text of the interim financial statements for the three
months ended Nov. 30, 2010, is available for free at:

                       http://is.gd/jy8hG3

Based in Richmond, British Columbia, Canada, Teryl Resources Corp.
is engaged in the acquisition, exploration and development of
natural resource properties.  The Company currently has mineral
property and oil and gas interests in Alaska, Texas and Kentucky.
The Company is a reporting issuer in British Columbia and Alberta
and trades on the TSX Venture Exchange  under the symbol "TRC".
The Company is also listed on the OTC BB under the symbol "TRYLF".

The Company's main exploration and development work over the last
several years has taken place on the Gil claims, a gold prospect
located in the Fairbanks Mining District, Alaska.


TOUSA INC: Court Grants in Part Zurich Motion for Stay Relief
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida has
granted in part the emergency motion of Zurich American Insurance
Company and its affiliates for relief from the automatic stay for
the limited purpose of permitting Zurich to assert defenses and
counterclaims of setoff to the complaint (Adversary Proceeding
Number 10-03738) filed by TOUSA, Inc., and its affiliated debtors,
filed with the Bankruptcy Court on Dec. 27, 2010.  The automatic
stay will remain in place for all other purposes.

In the complaint, TOUSA alleges that it entitled to a return of
the excess premium it paid to Zurich in the amount of $3,061,000.
Zurich contends that it is entitled to setoff the excess premium
against certain obligations allegedly owing from TOUSA to it.  On
Jan. 13, 2011, the Bankruptcy Court conducted a hearing on the
Emergency Motion of Zurich for Relief from the Automatic Stay and
directed Zurich to place the Excess Premium into escrow pending
resolution of the Adversary Proceeding.

On or before Jan. 28, 2011, Zurich will deposit the sum of
$3,061,000 into an interest bearing escrow account with Greenberg
Traurig, P.A., acting as escrow agent in accordance with the terms
of the Escrow Agreement.

The Escrow Agreement is approved, and the Debtors are authorized
to execute and deliver the Escrow Agreement and to perform their
obligations under the Escrow Agreement.

Greenberg Traurig is authorized to act as Escrow Agent under the
Escrow Agreement.

Deposit of the Escrowed Funds will not affect Zurich's right, if
any, to offset the Escrowed Funds against amounts, if any, that
the Debtors owe to Zurich.

                         About Tousa Inc.

Headquartered in Hollywood, Florida, TOUSA, Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.

The Debtor and its debtor-affiliates filed for separate
Chapter 11 protection on January 29, 2008 (Bankr. S.D. Fla. Case
No. 08-10928).  The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M.
Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman,
Esq., at Berger Singerman, to represent them in their
restructuring efforts.  Lazard Freres & Co. LLC is the Debtors'
investment banker.  Ernst & Young LLP is the Debtors' independent
auditor and tax services provider.  Kurtzman Carson Consultants
LLC acts as the Debtors' Notice, Claims & Balloting Agent.

TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746).  It estimated assets and
debts of $1 million to $10 million in its Chapter 11 petition.


TOUSA INC: Given Until April 4 to Respond to Copper Creek Motion
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida has
granted the thirteenth agreed ex parte motion of TOUSA, Inc., and
its affiliated debtors for entry of an order (a) extending the
Debtors' deadline to respond to the Copper Creek Homeowners
Association's motion for limited relief from the automatic
stay to pursue insurance proceeds, (b) setting a hearing, if
necessary, for the Copper Creek Motion and (c) extending the
30-day time period set forth in section 362(e)(1) of the
Bankruptcy Code to allow for the continuation of the automatic
stay with respect to the Copper Creek Motion.

The Debtors' time to respond to the Copper Creek Motion is
extended to April 4, 2011, subject to further extension by
agreement of the parties without approval of the Court.

The Copper Creek Motion will be set for hearing on April 7, 2011,
at 10:00 a.m. (ET) (subject to further consensual extension).

The 30-day time period set forth in 11 U.S.C. Section 362(e)(1) is
tolled, nunc pro tunc from May 23, 2009, through and including
April 7, 2011, subject to further extensions.

                         About Tousa Inc.

Headquartered in Hollywood, Florida, TOUSA, Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.

The Debtor and its debtor-affiliates filed for separate
Chapter 11 protection on January 29, 2008 (Bankr. S.D. Fla. Case
No. 08-10928).  The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M.
Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman,
Esq., at Berger Singerman, to represent them in their
restructuring efforts.  Lazard Freres & Co. LLC is the Debtors'
investment banker.  Ernst & Young LLP is the Debtors' independent
auditor and tax services provider.  Kurtzman Cars
LLC acts as the Debtors' Notice, Claims & Balloting Agent.

TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746).  It estimated assets and
debts of $1 million to $10 million in its Chapter 11 petition.


UNIGENE LABORATORIES: Posts $27.86MM Net Loss in 2010
-----------------------------------------------------
Unigene Laboratories, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $27.86 million on $11.34 million of revenue for the year
ended Dec. 31, 2010, compared with a net loss of $13.37 million on
$12.79 million of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $28.47 million
in total assets, $68.89 million in total liabilities and $40.42
million in total stockholders' deficit.

A full-text copy of the Annual Report is available for free at:

                        http://is.gd/YxhBeK

                           About Unigene

Unigene Laboratories, Inc. OTCBB: UGNE) -- http://www.unigene.com/
-- is a biopharmaceutical company focusing on the oral and nasal
delivery of large-market peptide drugs.

Grant Thornton LLP, in New York, expressed substantial doubt about
Unigene Laboratories' ability to continue as a going concern
following the Company's 2009 results.  The firm noted that the
Company has incurred a net loss of $13,400,000 during the year
ended Dec. 31, 2009 and has an accumulated deficit of
approximately $143,000,000 as of Dec. 31, 2009.  As of that
date, the Company's current liabilities exceeded its current
assets by $1,251,000 and its total liabilities exceeded total
assets by $30,442,000.


UNITED CONTINENTAL: Legg Mason Equity Stake Down to 0%
------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission dated February 15, 2011, Legg Mason Capital Management,
Inc. disclosed that it beneficially owns zero shares of United
Continental Holdings, Inc. common stock.  Legg Mason previously
had a 4.54% equity stake in UAL Corp. as of Feb. 15, 2010.

United Continental had 328,550,825 shares of common stock
outstanding as of February 15, 2011.

LMM LLC also disclosed that it beneficially owns zero shares of
United Continental common stock.

                      About United Continental

United Continental Holdings, Inc. (NYSE: UAL) --
http://www.UnitedContinentalHoldings.com/, http://www.united.com/
and http://www.continental.com/-- is the holding company for both
United Airlines and Continental Airlines.  Together with United
Express, Continental Express and Continental Connection, these
airlines operate a total of approximately 5,800 flights a day to
371 airports throughout the Americas, Europe and Asia from their
hubs in Chicago, Cleveland, Denver, Guam, Houston, Los Angeles,
New York, San Francisco, Tokyo and Washington, D.C.  United and
Continental are members of Star Alliance, which offers more than
21,200 daily flights to 1,172 airports in 181 countries worldwide
through its 28 member airlines.  United's and Continental's more
than 80,000 employees reside in every U.S. state and in many
countries around the world.

United Continental carries 'B2' corporate family and probability
of default ratings, with stable outlook, from Moody's, 'B' issuer
credit ratings, with stable outlook, from Standard & Poor's, and
'B-' issuer default rating from Fitch.

UAL Corp filed for Chapter 11 protection on Dec. 9, 2002 (Bankr.
N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen, Esq., Marc
Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba,
Esq., at Kirkland & Ellis, represented the Debtors in their
restructuring efforts.  Fruman Jacobson, Esq., at Sonnenschein
Nath & Rosenthal LLP represented the Official Committee of
Unsecured Creditors.  Judge Eugene R. Wedoff confirmed a
reorganization plan for United on Jan. 20, 2006.  The Company
emerged from bankruptcy on Feb. 1, 2006.

At Sept. 30, 2010, United Continental had $20.055 billion in total
assets against total current liabilities of $8.256 billion, long-
term debt of $6.025 billion, long-term obligations under capital
leases of $906 million, other liabilities and deferred credits of
$7.074 billion, and a stockholders' deficit of $2.206 billion.


UNITED CONTINENTAL: Reports January 2011 Traffic Results
--------------------------------------------------------
United Continental Holdings, Inc., reported January 2011
operational results for United Air Lines, Inc. and Continental
Airlines, Inc.

United and Continental's combined consolidated traffic (revenue
passenger miles) in January 2011 increased 0.4 percent versus pro
forma January 2010 results on a consolidated capacity increase of
0.4 percent.  The carriers' combined consolidated load factor was
flat compared to the pro forma results from the same period last
year.

United and Continental's January 2011 combined consolidated
passenger revenue per available seat mile (PRASM) increased an
estimated 10.5 to 11.5 percent compared to the pro forma results
from January 2010, while mainline PRASM increased an estimated
11.5 to 12.5 percent compared to the pro forma results from the
same period last year.

              Combined United and Continental
        Pro Forma Preliminary Operational Results

                      2011        2010    Percent
                      Jan.        Jan.     Change
                      -----       -----   -------
Revenue passenger miles ('000)
Domestic           6,982,370   7,145,233     (2.3%)
International      6,999,397   6,805,921      2.8%
Atlantic           2,772,083   2,805,001    (1.25%)
Pacific            2,717,833   2,507,384      8.4%
Latin America      1,509,481   1,493,536      1.1%
Mainline          13,981,767  13,951,154      0.2%
Regional           1,854,425   1,823,741      1.7%

Consolidated      15,836,192  15,774,895      0.4%

Available seat miles ('000)
Domestic           8,807,025   9,128,245     (3.5%)
International      8,903,978   8,549,578      4.1%
Atlantic           3,796,985   3,662,670      3.7%
Pacific            3,197,105   3,037,283      5.3%
Latin America      1,909,888   1,849,625      3.3%
Mainline          17,711,003  17,677,823      0.2%
Regional           2,608,820   2,569,490      1.5%
Consolidated      20,319,823  20,247,313      0.4%

Passenger load factor
Domestic               79.3%       78.3%  1.0 pts.
International          78.6%       79.6%   1.0pts.)
Atlantic               73.0%       76.6%  (3.6pts.)
Pacific                85.0%       82.6%   2.4pts.
Latin America          79.0%       80.7%  (1.7pts.)
Mainline               78.9%       78.9%   0.0pts.
Regional               71.1%       71.0%   0.1pts.
Consolidated           77.9%       77.9%   0.0pts.

Onboard passengers ('000)
Mainline               7,380       7,525    (1.9%)
Regional               3,287       3,275     0.4%
Consolidated          10,667      10,800    (1.2%)

Cargo revenue ton miles ('000)
Total                218,969     225,757    (3.0%)

                   Combined United and Continental
               Pro Forma Preliminary Financial Results

                                                 Change
                                                 ------
December 2010 year-over-year consolidated
PRASM change                                        8.2%
December 2010 year-over-year mainline
PRASM change                                        8.9%
January 2011 estimated year-over-year
consolidated PRASM change                 10.5% to 11.5%
January 2011 estimated year-over-year
mainline PRASM change                     11.5% to 12.5%
January 2011 estimated consolidated
average price per gallon of fuel,
including fuel taxes                               $2.62

First Quarter 2011 estimated consolidated
average price per gallon of fuel,
including fuel taxes                               $2.73

    Preliminary January Operational Results for United

                                        2011   2010   Change
                                        ----   ----   ------
On-Time Performance                     84.5%  83.7%  0.8pts.
Completion Factor                       97.9%  98.5% (0.6pts.)

                      About United Continental

United Continental Holdings, Inc. (NYSE: UAL) --
http://www.UnitedContinentalHoldings.com/, http://www.united.com/
and http://www.continental.com/-- is the holding company for both
United Airlines and Continental Airlines.  Together with United
Express, Continental Express and Continental Connection, these
airlines operate a total of approximately 5,800 flights a day to
371 airports throughout the Americas, Europe and Asia from their
hubs in Chicago, Cleveland, Denver, Guam, Houston, Los Angeles,
New York, San Francisco, Tokyo and Washington, D.C.  United and
Continental are members of Star Alliance, which offers more than
21,200 daily flights to 1,172 airports in 181 countries worldwide
through its 28 member airlines.  United's and Continental's more
than 80,000 employees reside in every U.S. state and in many
countries around the world.

United Continental carries 'B2' corporate family and probability
of default ratings, with stable outlook, from Moody's, 'B' issuer
credit ratings, with stable outlook, from Standard & Poor's, and
'B-' issuer default rating from Fitch.

UAL Corp filed for Chapter 11 protection on Dec. 9, 2002 (Bankr.
N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen, Esq., Marc
Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba,
Esq., at Kirkland & Ellis, represented the Debtors in their
restructuring efforts.  Fruman Jacobson, Esq., at Sonnenschein
Nath & Rosenthal LLP represented the Official Committee of
Unsecured Creditors.  Judge Eugene R. Wedoff confirmed a
reorganization plan for United on Jan. 20, 2006.  The Company
emerged from bankruptcy on Feb. 1, 2006.

At Sept. 30, 2010, United Continental had $20.055 billion in total
assets against total current liabilities of $8.256 billion, long-
term debt of $6.025 billion, long-term obligations under capital
leases of $906 million, other liabilities and deferred credits of
$7.074 billion, and a stockholders' deficit of $2.206 billion.


UNITED CONTINENTAL: Reports February 2011 Traffic Results
---------------------------------------------------------
United Continental Holdings, Inc., reported February 2011
operational results for United Air Lines, Inc. and Continental
Airlines, Inc.

United and Continental's combined consolidated traffic (revenue
passenger miles) in February 2011 decreased 1.1 percent versus pro
forma February 2010 results on a consolidated capacity (available
seat miles) increase of 1.8 percent.  The carriers' combined
consolidated load factor in February 2011 was down 2.3 points
compared to the pro forma results from the same period last year.

United and Continental's February 2011 combined consolidated
passenger revenue per available seat mile (PRASM) increased an
estimated 10.5 to 11.5 percent compared to the pro forma results
from February 2010, while combined mainline PRASM in February 2011
increased an estimated 11.0 to 12.0 percent compared to the pro
forma results from the same period last year.

In addition, the company's results were impacted by the required
implementation of Financial Accounting Standards Board (FASB)
issued Accounting Standards Update No. 2009-13, Multiple
Deliverable Revenue Arrangements--A Consensus of the FASB Emerging
Issues Task Force, which defines whether multiple deliverables
exist, how the deliverables should be separated and how the
consideration should be allocated to one or more units of
accounting.  This standard has been implemented by the company
prospectively as of Jan. 1, 2011, and is applied to new sales of
air transportation that include a mileage credit. The standard has
the effect of decreasing the value of the mileage credit component
that the company defers under the deferred revenue accounting
method for its frequent flyer program and, therefore, increases
the passenger revenue recorded at the time the air transportation
is provided. The implementation of this accounting standard is
estimated to have increased the company's year-over-year PRASM by
approximately 1 point in February.  For additional information
regarding this accounting standard, please see the company's Form
10-K filed with the Securities and Exchange Commission.

                Preliminary Operational Results

                      2011        2010    Percent
                      Feb.        Feb.     Change
                      -----       -----   -------
Revenue passenger miles ('000)
Domestic           6,424,225   6,607,768     (2.8%)
International      5,653,813   5,542,694      2.0%
Atlantic           2,267,985   2,228,054      1.8%
Pacific            2,162,551   2,065,298      4.7%
Latin America      1,223,277   1,249,342     (2.1%)
Mainline          12,078,038  12,150,462     (0.6%)
Regional           1,669,250   1,755,389     (4.9%)
Consolidated      13,747,288  13,905,851     (1.1%)
Available seat miles ('000)
Domestic           8,007,610   8,186,109     (2.2%)
International      7,764,648   7,226,037      7.5%
Atlantic           3,416,621   3,085,889     10.7%
Pacific            2,712,905   2,577,889      5.2%
Latin America      1,635,122   1,562,259      4.7%
Mainline          15,772,258  15,412,146      2.3%
Regional           2,306,722   2,350,505     (1.9%)
Consolidated      18,078,980  17,762,651      1.8%

Passenger load factor
Domestic               80.2%       80.7%  (0.5pts.)
International          72.8%       76.7%  (3.9pts.)
Atlantic               66.4%       72.2%  (5.8pts.)
Pacific                79.7%       80.1%  (0.4pts.)
Latin America          74.8%       80.0%  (5.2pts.)

Mainline               76.6%       78.8%  (2.2pts.)
Regional               72.4%       74.7%  (2.3pts.)
Consolidated           76.0%       78.3%  (2.3pts.)

Onboard passengers ('000)
Mainline               6,667       6,870  (3.0pts.)
Regional               2,999       3,134  (4.3pts.)
Consolidated           9,666      10,004  (3.4pts.)

Cargo revenue ton miles ('000)
Total                216,176     223,494  (3.3pts.)

               Preliminary Financial Results

                                                 Change
                                                 ------
January 2011 year-over-year consolidated
PRASM change                                       10.3%

January 2011 year-over-year mainline PRASM
change                                             11.0%

February 2011 estimated year-over-year
consolidated PRASM change                 10.5% to 11.5%

February 2011 estimated year-over-year
mainline PRASM change                     11.0% to 12.0%

February 2011 estimated consolidated
average price per gallon of fuel,
including fuel taxes                               $2.74

First Quarter 2011 estimated consolidated          $2.77
average price per gallon of fuel,
including fuel taxes

      Preliminary February Operational Results for United

                                        2011   2010   Change
                                        ----   ----   ------
On-Time Performance                     79.3%  79.5% (0.2pts.)
Completion Factor                       96.4%  94.5%  1.9pts.)

                      About United Continental

United Continental Holdings, Inc. (NYSE: UAL) --
http://www.UnitedContinentalHoldings.com/, http://www.united.com/
and http://www.continental.com/-- is the holding company for both
United Airlines and Continental Airlines.  Together with United
Express, Continental Express and Continental Connection, these
airlines operate a total of approximately 5,800 flights a day to
371 airports throughout the Americas, Europe and Asia from their
hubs in Chicago, Cleveland, Denver, Guam, Houston, Los Angeles,
New York, San Francisco, Tokyo and Washington, D.C.  United and
Continental are members of Star Alliance, which offers more than
21,200 daily flights to 1,172 airports in 181 countries worldwide
through its 28 member airlines.  United's and Continental's more
than 80,000 employees reside in every U.S. state and in many
countries around the world.

United Continental carries 'B2' corporate family and probability
of default ratings, with stable outlook, from Moody's, 'B' issuer
credit ratings, with stable outlook, from Standard & Poor's, and
'B-' issuer default rating from Fitch.

UAL Corp filed for Chapter 11 protection on Dec. 9, 2002 (Bankr.
N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen, Esq., Marc
Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba,
Esq., at Kirkland & Ellis, represented the Debtors in their
restructuring efforts.  Fruman Jacobson, Esq., at Sonnenschein
Nath & Rosenthal LLP represented the Official Committee of
Unsecured Creditors.  Judge Eugene R. Wedoff confirmed a
reorganization plan for United on Jan. 20, 2006.  The Company
emerged from bankruptcy on Feb. 1, 2006.

At Sept. 30, 2010, United Continental had $20.055 billion in total
assets against total current liabilities of $8.256 billion, long-
term debt of $6.025 billion, long-term obligations under capital
leases of $906 million, other liabilities and deferred credits of
$7.074 billion, and a stockholders' deficit of $2.206 billion.


UTILITY LINE: Files for Chapter 11 Amid Contract Issue
------------------------------------------------------
Utility Line Security, LLC, of Pittsburgh, which provides the
Pittsburgh Water and Sewer Authority's line warranty program,
filed for protection under Chapter 11 of the United States
Bankruptcy Code on March 18, 2011.  The filing was made necessary
by actions of the Pittsburgh Water and Sewer Authority in the wake
of a preliminary ruling by an Allegheny County Common Pleas Judge
that the contract was not permitted.  ULS filed to protect the
customers who have paid for a valuable and needed service under
the program and to prevent the PWSA from unilaterally terminating
the program.

According to the company's attorney, Kirk B. Burkley of Bernstein
Law Firm of Pittsburgh, "It is our position that PWSA may have
been premature in starting to take actions to immediately
dismantle the program.  The ruling of the Court of Common Pleas
was a preliminary one, and we think the PWSA moved too fast. We
are confident that the legality of this valuable contract will
ultimately be upheld by the Courts and that the customers will be
permitted to continue to receive the benefits of the program.  The
Chapter 11 filing will maintain the status quo until a final
ruling is made and allow ULS to perform under its obligations."

The Company intends to require the PWSA to likewise honor its
obligations under contract and give city residents the opportunity
to obtain the line warranty service they desire and, in some
cases, already paid for.


VITRO SAB: Terminates Registration of American Depositary Shares
----------------------------------------------------------------
In a regulatory filing Thursday, Vitro, S.A.B. de C.V., filed on
Form 15-F/A a notice of termination of the registration covering
the Company's American Depositary Shares, 11.75% Senior Notes due
2013, the 8.625% Senior Notes due 2012, and the 9.125% Senior
Notes due 2017.  The Company filed an initial Form 15-F on
Sept. 9, 2010.

A full-text copy the Form 15-F/A is available for free at:

                     http://is.gd/1MJfh5

                       About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7, 2010.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Sections 1515 and 1517.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.


VULCAN MATERIALS: S&P Cuts Corporate Credit Rating to 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on Alabama-based Vulcan Materials Co. to
'BB' from 'BBB-'.

At the same time, S&P lowered its issue-level ratings on the
company's senior unsecured debt to 'BB' (the same as the corporate
credit rating) from 'BBB-', and assigned a '3' recovery rating,
indicating S&P's expectation of meaningful (50% to 70%) recovery
for lenders in the event of a payment default.  In addition, S&P
lowered its short-term rating on the company to 'B' from 'A-3'.
For further information, please see its recovery report on Vulcan
to be published following the release of this report on
RatingsDirect.

The ratings were removed from CreditWatch, where they were placed
with negative implications on Dec. 20, 2010.  The outlook is
stable.

"The downgrade reflects S&P's assessment that Vulcan's operating
performance and credit measures in the next two years will not
likely improve to investment-grade levels despite S&P's view of
the company's satisfactory business risk profile," said Standard &
Poor's credit analyst Thomas Nadramia.

S&P believes demand for Vulcan's products will be flat to slightly
up in 2011, with a more robust recovery possibly beginning in
2012, assuming that increased spending flows from a new highway
bill are in place and nonresidential construction and residential
markets begin more fully to recover.  S&P expects that 2011 EBITDA
could reach or exceed $500 million, which would be a significant
improvement from the approximately $400 million in EBITDA
generated during 2010.  Still, this would result in credit
measures, which, while improved, would still be somewhat weak for
the current rating.  Specifically, under this scenario S&P project
adjusted/debt to EBITDA would approximate 5.5x and Funds from
operations to Debt would be between 10% and 15%.  Also, S&P
believes that significant risks to this forecast exist, including,
in S&P's view, uncertainty regarding the timing and scope of a new
highway bill, which is a major driver of Vulcan's business,
increased energy cost pressures and still declining (albeit at a
slower rate) nonresidential construction activity.  Also, S&P does
not expect a robust recovery in housing starts for several years,
which could provide additional demand for Vulcan's aggregates
products.

The ratings on Vulcan reflect the combination of what S&P
considers to be the company's satisfactory business risk profile
and aggressive financial risk profile.  The rating also reflects
Vulcan's leading position in the highly fragmented U.S. aggregates
industry (primarily crushed stone, sand, and gravel), favorable
long-term prospects for infrastructure spending, and the high
operating margins inherent in the aggregates business.  Still,
Vulcan's exposure to cyclical construction end markets, its
limited product scope, and very high debt levels temper these
strengths.

Vulcan Materials is the nation's largest producer of construction
aggregates, primarily crushed stone, sand, and gravel.  The
company is also a major producer of asphalt mix and ready-mixed
concrete as well as a leading producer of cement in Florida.  The
company operates over 300 aggregates facilities and its primary
operations are located across the Southern and Western U.S.

The stable rating outlook reflects S&P's view that demand for
aggregates will increase slightly over the next several quarters
as highway and infrastructure spending benefits from the rollout
of remaining stimulus funds.  As a result, S&P expects Vulcan's
operating performance will improve over 2010 levels.  In 2011, S&P
expects Vulcan's EBITDA to be about $500 million due to slightly
higher volumes and improved pricing and mix in some markets.
Still, S&P expects credit measures to be somewhat weak for the
ratings in the near term despite the company's satisfactory
business position, with adjusted leverage of about 5.5x and FFO to
debt of less than 20%.  S&P anticipate credit measures will
strengthen in 2012, as market conditions slowly improve resulting
in increased demand for aggregates and renewed pricing strength.

S&P could take a negative rating action in the event construction
markets were to worsen in the near term as a result of reduced
highway spending due to fiscal restraint on the part of Federal
and State governments, and the impact of a double-dip recession.
Under this scenario, credit measures would likely deteriorate from
current levels, leading us to conclude that the prospects for
potential improvement in credit measures would be extended for a
much longer time horizon than is currently anticipated.

S&P currently considers a positive rating action unlikely in the
near term, given its expectation that the company's credit
measures will remain weak for the rating.  However, a positive
action is possible if Vulcan's earnings and cash flow strengthen
as a result of greater-than-expected growth in construction
activity, causing adjusted leverage to improve to well below 5x in
2011 with positive momentum toward additional deleveraging in 2012
to well below 4x and FFO to debt improving to 20% or more.


WALTER WILLIAMS: District Court Reverses Plan Confirmation Order
----------------------------------------------------------------
The United States of America appealed the May 11, 2010 order
confirming Walter Williams, Inc.'s Second Amended Plan of
Reorganization.  The Government argues that the confirmation order
"includes the objectionable Plan provision linking the Debtor's
Plan payments for trust fund taxes to payments by its owners who
are liable for such taxes in their individual capacity."  The
Government contends that this language "violates the letter and
spirit of 11 U.S.C. sections 507[a](8) and 1129" and that the "IRS
is entitled to full payment from the Debtor through the Plan."

The Debtor does not oppose the relief sought by the Government.

Accordingly, District Judge Josephine Staton Tucker reverses the
confirmation order and remands the case to the bankruptcy court.
Judge Tucker said that, on remand, the bankruptcy court shall
revise the confirmation order to specify that any use of
segregated inventory, if still applicable, by the Debtor to pay
the IRS secured claim does not limit the IRS secured claim's
property interest in the Debtor's estate to the segregated
inventory.

On August 23, 2007, the Internal Revenue Service filed a proof of
claim for federal employment taxes in the amount of $402,866.98,
which was comprised of a secured claim of $247,121.58, a priority
claim of $149,799.24, and an unsecured general claim of $5,946.16.
On April 3, 2008, the Debtor filed an adversary complaint against
the IRS that alleged causes of action for avoidance of liens and
preferential treatment transfer, and asserted multiple objections
to the IRS claim.  The IRS subsequently filed several amended
claims.

On April 25, 2008, the Debtor filed its initial Plan of
Reorganization.  The Government, on behalf of the IRS, objected to
the initial Plan for various reasons, including that the Plan
allegedly improperly attempted to designate that the Debtor's
payments under the Plan first apply to the trust fund portion of
the IRS claim, failed to provide interest with respect to the IRS
administrative claim, and failed to provide the proper rate of
interest for the IRS secured claim.

On May 4, 2009, the Debtor filed its First Amended Plan.  After
the IRS filed an amended proof of claim, the bankruptcy court
issued an order approving a stipulation between the parties in
which Debtor agreed that the secured portion the IRS claim would
be $185,660.50, the amended claim would be allowed, and the
adversary complaint would be dismissed.

On July 10, 2009, the Government filed an objection to the First
Amended Plan, contending that it was defective because it failed
to provide interest on the administrative claim, failed to provide
the proper interest rate with respect to the IRS secured and
priority claims, and allowed the Debtor to apply payments made
directly by the Debtor's owners to the trust fund portion of the
IRS claim against the Debtor.  The Debtor subsequently filed the
Plan, and the Government again filed objections based on the
interest rate applied to the IRS secured and priority claims, the
Plan's allowance of the Debtor's owners to make payments on behalf
of the Debtor for its trust fund liability, and the Plan's
allowance of the Debtor to segregate its inventory for purposes of
paying the IRS's secured claim.

The bankruptcy court held a hearing on Dec. 15, 2009, regarding
the confirmation of the Plan, and confirmed the Plan on May 11,
2010.  The Government filed its notice of appeal on May 28, 2010.

The appellate case is United States of America, v. Walter
Williams, Inc., Case No. CV 10-4064 (C.D. Calif.).  A copy of
Judge Tucker's March 15, 2011 order is available at
http://is.gd/ZSCR3vfrom Leagle.com.

Walter Williams Inc. filed for Chapter 11 bankruptcy (Bankr. C.D.
Calif. Case No. 07-12548) on July 23, 2007.


WATERFRONT COMMONS: Loan Default Cues Chapter 11 Bankruptcy Filing
------------------------------------------------------------------
Kristen MacBeth at BankruptcyHome.com reports that the Waterfront
Commons development has filed for Chapter 11 bankruptcy after
defaulting on a large loan.

According to BankruptcyHome.com, the development had an auction,
run by Yehuda Leib Puretz, canceled because of the bankruptcy.  A
$21.5 million loan was defaulted upon by the developer, and those
involved are blaming the economy.

Ms. MacBeth notes the owner of the property was Arthur Kill
Hillside Development, and the company claimed liabilities in the
range of $100 million and $500 million.  A report of assets, which
is required in any bankruptcy filing, was not listed.


WEST END: Organizational Meeting to Form Panel on March 24
----------------------------------------------------------
Tracy Hope Davis, United States Trustee for Region 2, will hold an
organizational meeting on March 24, 2009, at 11:00 a.m. in the
bankruptcy case of West End Financial Advisors, LLC et al.  The
meeting will be held at United States Trustee Meeting Room, 80
Broad Street, Fourth Floor, New York.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

New York-based West End Financial Advisors LLC filed for Chapter
11 bankruptcy protection on March 15, 2011 (Bankr. S.D.N.Y. Case
No. 11-11152).  Arnold Mitchell Greene, Esq., at Robinson Brog
Leinwand Greene Genovese & Gluck, P.C., serves as the Debtor's
bankruptcy counsel.  The Debtor estimated its assets and debts at
$ million to $10 million.

Affiliates Sentinel Investment Management Corp. (Bankr. S.D.N.Y.
Case No. 11-11153), et al., filed separate Chapter 11 petitions.


WJO INC: Court Extends Time to Decide on Real Property Leases
-------------------------------------------------------------
The Hon. Jean K. FitzSimon of the U.S. Bankruptcy Court for the
Easter District of Pennsylvania has extended, at the behest of
WJO, Inc., the time for the Debtor to assume or reject its non-
residential real property leases until May 29, 2011.

The previous deadline for the Debtor to assume or reject certain
nonresidential real property leases was March 15, 2011.

According to the Debtor, the lessors aren't prejudiced by the
Debtor's request for additional time because there are no
postpetition defaults under the leases.  Other issues must first
be resolved before the Debtor can determine if assumption or
rejection of the leases are in the best interest of the Debtor,
the Debtor stated.  "Since all of the postpetition lease payments
have been made to date and the Debtor intends to continue making
its postpetition lease payments through the extension date, the
lesors will not be harmed by an extension of time," the Debtor
said.

Bristol, Pennsylvania-based WJO, Inc., operates six family
practices located in Newtown, Bristol, Bensalem, Bustleton, South
Philadelphia, and Bethlehem, Pennsylvania and consists of Board
Certified Osteopathic Physicians specializing in Family Medicine.

WJO filed for Chapter 11 bankruptcy protection on November 15,
2010 (Bankr. E.D. Pa. Case No. 10-19894).  Holly Elizabeth Smith,
Esq., and Thomas Daniel Bielli, Esq., at Ciardi Ciardi & Astin,
P.C., assist the Debtor in its restructuring effort.  The Debtor
estimated its assets and debts at $10 million to $50 million.


YRC WORLDWIDE: Moody's Downgrades Corporate Family Rating to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service has lowered the ratings of YRC
Worldwide, Inc.  The Corporate Family Rating was lowered to Ca
from Caa3, the Probability of Default Rating to Caa3 from Caa2,
and the ratings on YRC's contingent convertible notes were lowered
to Ca from Caa3.  The ratings outlook is negative.

Downgrades:

Issuer: YRC Worldwide Inc.

  -- Probability of Default Rating, Downgraded to Caa3 from Caa2

  -- Corporate Family Rating, Downgraded to Ca from Caa3

  -- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
     Ca, LGD5 - 84%

Outlook Actions:

Issuer: YRC Worldwide Inc.

  -- Outlook, Changed To Negative From Stable

The ratings have been downgraded in response to the company's
recent disclosure of a "Milestone Failure" relating to
requirements under its amended credit agreement.  Moody's believes
that this development increases the risk in YRC's efforts to
conclude critical refinancing that is instrumental to its ability
to avoid bankruptcy.

In YRC's 10-K filing of March 14, 2011, the company announced that
it was not able to achieve a non-binding agreement to the terms
and conditions relating to refinancing its credit facility by the
stated milestone of March 10, 2011.  As a result, YRC's lenders
now have the right to declare an event of default.  In such a
case, YRC stated that it may pursue a bankruptcy filing.

For the past two years, as the less-than-truckload sector endured
a prolonged industry downturn, YRC has generated substantial
operating losses, but has been able to continue operating due to
short-term relief obtained on debt service, pension contributions,
and wage concessions negotiated with its lenders and its primary
labor union, the International Brotherhood of Teamsters.
Continued operations will likely require permanent restructuring
of its union contracts and multiemployer pension obligations, both
of which are contingent on the development of a plan to refinance
its credit facilities at terms that are acceptable to the union
and the pension funds.  Moody's believes that YRC's failure to
achieve such an agreement could become a setback to the company's
restructuring efforts.

The negative rating outlook reflects Moody's concerns about YRC's
ability to successfully restructure its operations and balance
sheet.

YRC Worldwide Inc. is a less-than-truckload trucking company
headquartered in Overland Park, Kansas.


* Companies File for Chapter 7 in Central Florida
-------------------------------------------------
The Orlando Sentinel published a list of Central Florida
individuals and businesses that have filed for liquidation under
Chapter 7 of the U.S. Bankruptcy Code include:

                                                 Creditor's
Company Name          Assets    Liabilities     Meeting
------------          ------    -----------     ----------
Florida PolySteel      $42,200   $1.23 million   April 13
Unlimited Inc.

Pringle Holdings Inc.  $574,317  $49.37 million  Not available

Pringle Development    $91       $49.98          Not available

Pringle Properties     $2        $49.37 million  Not available

PMR Properties Inc.    $344,202  $49.42 million  Not available

Pringle Communities    $44,709   $49.37 million  Not available

Monarch Golf Inc.      $2        $49.37 million  Not available

Highlands Realty       $2        $49.37 million  Not available

5th Generation Realty  $2        $49.37 million  Not available

5th Generation         $2        $49.37 million  Not available
Property Management
Inc.

5th Generation         $2        $324            Not available
Mortgage Inc.

5th Generation         $2        $49.37 million  Not available
Communities Inc.

Law Offices of Robert  $772      $124,760        April 19
A. Segal, P.A.

Golf Cart Connection   $29,800   $1.72 million   Not Available

Florida Hearing And    $0        $1.22 million   April 20
Audiology Inc.
also known as Quality
Hearing Centers

Turxtone Marble &      $100,000- $500,000-       Not available
Travertine Trade LLC   $50,000to $1 million


* 17 McKool Attorneys Selected in Super Lawyers 2011 Texas Rising
-----------------------------------------------------------------
McKool Smith announced that 17 attorneys from the firm's Dallas,
Austin and Houston offices have been selected for inclusion in the
Super Lawyers 2011 Texas Rising Stars listing.

The Rising Stars list is comprised of the top up-and-coming Texas
attorneys who are under 40 years of age or have been in practice
less than a decade.  Fewer than 2.5 percent of all Texas lawyers
earned a spot on this year's list.  The full Rising Stars list
appears in the April 2011 issues of Texas Monthly and Texas Rising
Stars magazines.

McKool Smith's 2011 Texas Rising Stars honorees include:

Dallas:

Bradley W. Caldwell, Principal, Intellectual Property Litigation

Aimee Perilloux Fagan, Principal, Business Litigation

Scott W. Hejny, Principal, Intellectual Property Litigation

Jill F. Lynch, Principal, Business Litigation

Luke F. McLeroy, Principal, Intellectual Property Litigation

Christopher T. Bovenkamp, Senior Counsel, Intellectual Property

Steven Callahan, Associate, Intellectual Property Litigation

Jason D. Cassady, Associate, Intellectual Property Litigation

Holly E. Engelmann, Associate, Business Litigation

Michael P. Fritz, Associate, Business Litigation

Austin:

John B. Campbell, Principal, Intellectual Property Litigation

Laurie Gallun Fitzgerald, Principal, Business Litigation

John F. Garvish, Principal, Intellectual Property Litigation

Joel L. Thollander, Principal, Business Litigation

Joshua W. Budwin, Associate, Intellectual Property Litigation

Gretchen K. Harting, Associate, Business Litigation

Houston:

Basil A. Umari, Principal, Bankruptcy & Creditor/Debtor Rights

With more than 130 litigators working as an integrated team across
offices in New York, Washington, DC and Texas, McKool Smith has
established a reputation as one of America's leading trial firms.
The firm has been recognized by The National Law Journal and
VerdictSearch for winning more Top 100 Verdicts than any other
U.S. law firm during the past three years. McKool Smith represents
leading clients across a broad range of practice areas, including
complex commercial litigation, intellectual property, bankruptcy,
and white collar defense.


* Bennett Cunningham Catches Arizona Law Firm Red-Handed
--------------------------------------------------------
Dallas bankruptcy lawyer Bennett Cunningham, an investigative
reporter turned Dallas bankruptcy attorney, recently caught an
Arizona law firm in a lie to a bankruptcy client.

Many people remember Bennett Cunningham from the days when he used
to be an investigative reporter on TV.  Now, he's a Dallas
bankruptcy lawyer.  It was this background and experience as an
investigator that has enabled him to catch an Arizona law firm
trying to "pull a fast one" on a bankruptcy client.

Few Dallas bankruptcy lawyers have gone above and beyond their
call of duty like Bennett Cunningham.  Not many Dallas bankruptcy
attorneys have the previous experience of Cunningham, who used his
skills as an investigative reporter to solve this case. He
instantly questioned if what he found was a pattern of illegal
behavior.

A client currently in the process of Chapter 7 bankruptcy recently
became the target of a law office that stated it represented a
creditor which claimed a guitar she bought was a purchase money
loan.  The creditor demanded the return of the guitar or the money
back.  Mr. Cunningham cried foul and demanded the law firm show
him the paperwork for the guitar.

"The law firm paralegals began stuttering, they were so confused
by my call," said Mr. Cunningham.  "The attitude turned from
niceties to silence in a matter of seconds."

Mr. Cunningham, a former investigative reporter for a CBS
Television affiliate turned attorney, says the law firm had to
tell their client that they couldn't get the guitar back.  "Too
often, these creditors and their debt collector law firms roll
right over people," added Mr. Cunningham.  "I don't let that
happen to my clients."  In the end, their priority in bankruptcy
went from the top of the heap to the bottom.

                      About Bennett Cunningham

Bennett Cunningham is a Dallas bankruptcy attorney, and he also
works to help debtors find relief under the bankruptcy laws in
Texas.  While his law office is located in Dallas, he serves the
entire state.


* Delinquency Rate and Foreclosure Inventories Drop in February
---------------------------------------------------------------
Lender Processing Services, Inc., a leading provider of integrated
technology, data and analytics to the mortgage and real estate
industries, reports the following "first look" at February 2011
month-end mortgage performance statistics derived from its loan-
level database of nearly 40 million mortgage loans.

Total U.S. loan delinquency rate (loans 30 or
more days past due, but not in foreclosure):          8.80%
-----------------------------------------------------------

Month-over-month change in delinquency rate:          -1.2%
-----------------------------------------------------------

Year-over-year change in delinquency rate:           -18.4%
-----------------------------------------------------------

Total U.S. foreclosure pre-sale inventory rate:       4.15%
-----------------------------------------------------------

Month-over-month change in foreclosure presale
                                inventory rate:       -0.2%
-----------------------------------------------------------

Year-over-year change in foreclosure presale
                               inventory rate:         7.4%
-----------------------------------------------------------

Number of properties that are 30 or more days
             past due, but not in foreclosure: (A) 4,659,000
-----------------------------------------------------------

Number of properties that are 90 or more days
           delinquent, but not in foreclosure:     2,165,000
-----------------------------------------------------------

Number of properties in foreclosure pre-sale
                                    inventory: (B) 2,196,000
-----------------------------------------------------------

Number of properties that are 30 or more
       days delinquent or in foreclosure: (A+      6,856,000
-----------------------------------------------------------

States with highest percentage of non-current*
                                   loans: FL, NV, MS, NJ, GA
-----------------------------------------------------------

States with the lowest percentage of non-current*
                                   loans: MT, WY, AK, SD, ND
-----------------------------------------------------------

*Non-current totals combine foreclosures and delinquencies as a
percent of active loans in that state.

Notes:

Totals are extrapolated based on LPS Applied Analytics' loan-level
database of mortgage assets.

All whole numbers are rounded to the nearest thousand.

The company will provide a more in-depth review of this data in
its monthly Mortgage Monitor report, which includes an analysis of
data supplemented by in-depth charts and graphs that reflect trend
and point-in-time observations.  The Mortgage Monitor report will
be available on LPS' Web site --
http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx--
on March 25, 2011.

                   About Lender Processing Services

Lender Processing Services, Inc. -- http://www.lpsvcs.com/-- is a
leading provider of integrated technology, services and mortgage
performance data and analytics, to the mortgage and real estate
industries.  LPS offers solutions that span the mortgage
continuum, including lead generation, origination, servicing,
workflow automation (Desktop(R)), portfolio retention and default,
augmented by the company's award-winning customer support and
professional services.  Approximately 50 percent of all U.S.
mortgages by dollar volume are serviced using LPS' Mortgage
Servicing Package (MSP).  LPS also offers proprietary mortgage and
real estate data and analytics for the mortgage and capital
markets industries.


* Frank Zarb Joins Proskauer's Washington Office
------------------------------------------------
Proskauer announced the continued expansion of its capital markets
practice and securities regulatory capabilities with the addition
of Partner Frank Zarb in Washington, DC, who brings a wealth of
public and private sector experience to the firm's
multidisciplinary platform.

Mr. Zarb focuses his practice on regulatory matters under U.S.
securities laws, as well as on corporate finance transactions.  He
represents public and private companies in addition to broker-
dealers and other financial intermediaries on regulatory
compliance matters, including public disclosure and periodic
reports, compliance with federal and stock exchange requirements,
matters involving federal proxy rules and shareholder
communications, and new regulations under the Dodd-Frank Act.

"The addition of Frank to our team continues our aggressive
expansion of our capital markets group and we look forward to
having him as a key member of our team," said Ronald R. Papa,
Partner and co-Chair of Proskauer's Corporate Department. "His
extensive background and experience in dealing with the regulatory
framework and new legislative initiatives will be an invaluable
addition to our practice and a resource for our clients."

Most recently a Partner with Katten Muchin Rosenman LLP, Mr. Zarb
also served at the Securities and Exchange Commission, including
as Special Counsel in the Office of Chief Counsel and in the
Office of International Corporate Finance. He was also Deputy
General Counsel/Chief Securities Counsel for Bristol Myers Squibb
Co. He received his J.D. from the University of Michigan Law
School and his B.A. from Brown University.

"Frank brings an impressive background in government, industry and
private practice to the firm and will make an outstanding addition
to our talented regulatory team in DC and firmwide, particularly
at a time of dramatic reform for public companies and the way they
do business," said Trevor J. Chaplick, Partner and head of
Proskauer's Washington, DC office.

Mr. Zarb is the latest addition to Proskauer's Corporate
Department, which recently welcomed Partner Gene Buttrill in Hong
Kong, who concentrates his practice on capital markets and finance
transactions.

Proskauer's Corporate Department consists of more than 240 lawyers
worldwide counseling clients in the full range of sophisticated
financial transactions and daily business and regulatory matters.
The group's core practice areas include finance, private equity,
mergers & acquisitions, capital markets, fund formation, and
bankruptcy & restructuring.

                         About Proskauer

Founded in 1875, Proskauer is a global law firm widely recognized
for its leadership in a variety of legal services provided to
clients worldwide from offices in Boca Raton, Boston, Chicago,
Hong Kong, London, Los Angeles, New Orleans, New York, Newark,
Paris, Sao Paulo and Washington, DC. Additional information about
the firm, which has extensive experience in all areas of practice
important to businesses, not-for-profit institutions and
individuals, can be found at http://www.proskauer.com/


* Philip C. Berg Joins Otterbourg Steindler
-------------------------------------------
Philip C. Berg has joined the corporate practice of Otterbourg,
Steindler, Houston & Rosen, P.C., as Of Counsel.  Mr. Berg was
formerly a partner at Gonzalez Saggio & Harlan LLP in New York
where he was a member of the corporate and transactional, banking
and financial institutions and public finance groups.  Mr. Berg
has represented major corporations in numerous mergers and
acquisitions and corporate finance transactions, including private
placements of debt and equity, securities offerings, and
commercial secured financings.  Mr. Berg was the head of a group
that represented a major credit card company, responsible for
negotiating and drafting financially complex agreements with
banks, merchants and retail brands.

Mr. Berg received his B.A. with high distinction from the
University of Virginia, and his J.D. cum laude from Harvard Law
School. Berg clerked for Chief Judge Thomas H. Meskill of the
United States Court of Appeals, Second Circuit, and started
practicing as a corporate associate at Cravath, Swaine & Moore
LLP.

"We are fortunate to have Phil join the firm," said Daniel Wallen,
chairman of Otterbourg.  "The expertise that Phil brings to the
firm reflects our continuing commitment to the representation of
our clients across the spectrum of financial products and services
they may require."

                         About Otterbourg

Otterbourg -- http://www.oshr.com-- offers sophisticated legal
services and practical solutions to its clients and is known for
its integrity, stability and business knowledge.  Otterbourg
represents financial institutions (including banks, asset-based
lenders, hedge funds, finance companies and insurance companies)
and corporations and other business enterprises.  The firm helps
clients with financing transactions, acquisitions, investments,
litigation and alternative dispute resolution, real estate
transactions, workouts, restructurings and bankruptcy proceedings.
In particular, the firm has expertise in general corporate and
securities matters, including mergers and acquisitions, public and
private offerings of debt and equity securities and representing
financial institutions and creditors, as well as committees of
unsecured creditors in large and complex bankruptcy reorganization
cases throughout the United States.  The firm is also well known
for its representation of individual institutional lenders, bank
groups, commercial enterprises and other secured and unsecured
creditors in complex, high profile litigation and its role as co-
general counsel for the Commercial Finance Association.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                               Total
                                              Share-       Total
                                   Total    Holders'     Working
                                  Assets      Equity     Capital
  Company           Ticker         ($MM)       ($MM)       ($MM)
  -------           ------        ------    --------     -------
ABRAXAS PETRO       AXAS US        182.9       (15.0)       (8.9)
ABSOLUTE SOFTWRE    ABT CN         117.9       (11.9)      (12.8)
ACCO BRANDS CORP    ABD US       1,149.6       (79.8)      292.8
ALASKA COMM SYS     ALSK US        620.6       (20.5)        1.4
AMER AXLE & MFG     AXL US       2,114.7      (468.1)       33.0
AMR CORP            AMR US      25,088.0    (3,945.0)   (1,942.0)
ANACOR PHARMACEU    ANAC US         20.4        (8.2)       (1.6)
ARQULE INC          ARQL US         88.9       (14.6)       34.9
ARRAY BIOPHARMA     ARRY US        127.5      (130.6)       26.2
ARVINMERITOR INC    ARM US       2,814.0      (990.0)      357.0
AUTOZONE INC        AZO US       5,765.6    (1,038.4)     (487.0)
BLUEKNIGHT ENERG    BKEP US        323.8       (37.7)      (85.1)
BOARDWALK REAL E    BOWFF US     2,326.8      (109.0)        -
BOARDWALK REAL E    BEI-U CN     2,326.8      (109.0)        -
BOSTON PIZZA R-U    BPF-U CN       112.0      (115.5)        2.0
CABLEVISION SY-A    CVC US       8,840.7    (6,280.7)     (522.2)
CANADIAN SATEL-A    XSR CN         188.3        (6.1)      (44.0)
CC MEDIA-A          CCMO US     17,479.9    (7,204.7)    1,504.6
CENTENNIAL COMM     CYCL US      1,480.9      (925.9)      (52.1)
CENVEO INC          CVO US       1,397.7      (341.3)      222.7
CHENIERE ENERGY     CQP US       1,743.5      (536.0)       26.5
CHENIERE ENERGY     LNG US       2,553.5      (472.6)       99.3
CHOICE HOTELS       CHH US         411.7       (58.1)       (1.7)
CLEVELAND BIOLAB    CBLI US         19.9       (12.5)      (12.7)
COLUMBIA LABORAT    CBRX US         29.9       (19.9)        2.0
COMMERCIAL VEHIC    CVGI US        286.2        (0.1)      116.1
CORNERSTONE ONDE    CSOD US         42.9       (55.1)      (13.9)
CUMULUS MEDIA-A     CMLS US        319.6      (341.3)       16.9
DENNY'S CORP        DENN US        311.2      (103.7)      (27.8)
DISH NETWORK-A      DISH US      9,632.2    (1,133.4)       74.1
DISH NETWORK-A      EOT GR       9,632.2    (1,133.4)       74.1
DOMINO'S PIZZA      DPZ US         460.8    (1,210.7)      118.9
DUN & BRADSTREET    DNB US       1,905.5      (645.6)     (259.4)
EASTMAN KODAK       EK US        6,239.0    (1,075.0)      966.0
ENDOCYTE INC        ECYT US         21.2        (7.1)       12.4
EXELIXIS INC        EXEL US        360.8      (228.3)      (16.5)
FLOTEK INDS         FTK US         184.8        (3.5)       45.5
FLUIDIGM CORP       FLDM US         24.8        (4.6)        2.4
FORD MOTOR CO       F US       165,793.0      (642.0)  (25,852.0)
FORD MOTOR CO       F BB       165,793.0      (642.0)  (25,852.0)
GENCORP INC         GY US          991.5      (195.1)       71.4
GLG PARTNERS INC    GLG US         400.0      (285.6)      156.9
GLG PARTNERS-UTS    GLG/U US       400.0      (285.6)      156.9
GRAHAM PACKAGING    GRM US       2,806.8      (530.7)      268.0
HCA HOLDINGS INC    HCA US      23,852.0   (10,794.0)    2,650.0
HOVNANIAN ENT-A     HOV US       1,670.1      (401.3)    1,042.4
HUGHES TELEMATIC    HUTC US        108.8       (62.4)      (16.0)
INCYTE CORP         INCY US        489.6       (88.6)        -
IPCS INC            IPCS US        559.2       (33.0)       72.1
ISTA PHARMACEUTI    ISTA US        134.2       (79.1)       15.8
JUST ENERGY GROU    JE CN        1,760.9      (328.6)     (339.4)
KNOLOGY INC         KNOL US        787.7       (15.9)       20.4
KV PHARM-A          KV/A US        315.5      (172.6)      (90.2)
KV PHARM-B          KV/B US        315.5      (172.6)      (90.2)
LIGHTING SCIENCE    LSCG US         60.0      (122.4)       28.3
LIN TV CORP-CL A    TVL US         790.5      (131.4)       30.6
LIZ CLAIBORNE       LIZ US       1,257.7       (21.7)       39.0
LORILLARD INC       LO US        3,296.0      (225.0)    1,509.0
MAINSTREET EQUIT    MEQ CN         448.9        (9.0)        -
MANNKIND CORP       MNKD US        277.3      (185.5)       55.8
MEAD JOHNSON        MJN US       2,293.1      (358.3)      472.9
MEDQUIST INC        MEDQ US        323.9       (30.6)       45.2
MOODY'S CORP        MCO US       2,540.3      (298.4)      409.2
MORGANS HOTEL GR    MHGC US        714.8        (1.8)       13.7
MPG OFFICE TRUST    MPG US       2,771.0    (1,045.5)        -
NATIONAL CINEMED    NCMI US        854.5      (318.4)       77.3
NAVISTAR INTL       NAV US       9,279.0      (832.0)    2,002.0
NEWCASTLE INVT C    NCT US       3,687.1      (247.6)        -
NEXSTAR BROADC-A    NXST US        602.5      (175.2)       53.6
NPS PHARM INC       NPSP US        228.9      (155.3)      133.8
NYMOX PHARMACEUT    NYMX US         13.5        (2.9)        8.3
OTELCO INC-IDS      OTT US         322.1        (5.2)       22.0
OTELCO INC-IDS      OTT-U CN       322.1        (5.2)       22.0
PALM INC            PALM US      1,007.2        (6.2)      141.7
PDL BIOPHARMA IN    PDLI US        316.7      (324.2)       90.7
PLAYBOY ENTERP-A    PLA/A US       165.8       (54.4)      (16.9)
PLAYBOY ENTERP-B    PLA US         165.8       (54.4)      (16.9)
PRIMEDIA INC        PRM US         212.7       (93.8)       (1.0)
PRIMO WATER CORP    PRMW US         29.0        (9.6)      (29.4)
PROTECTION ONE      PONE US        562.9       (61.8)       (7.6)
QUALITY DISTRIBU    QLTY US        271.3      (144.5)       35.0
QWEST COMMUNICAT    Q US        17,220.0    (1,655.0)   (1,649.0)
REGAL ENTERTAI-A    RGC US       2,492.6      (491.7)     (122.5)
RENAISSANCE LEA     RLRN US         53.8       (35.1)      (40.9)
REVLON INC-A        REV US       1,086.7      (696.4)      157.6
RIGNET INC          RNET US         93.2       (11.6)        9.5
RSC HOLDINGS INC    RRR US       2,718.0       (37.3)      (60.8)
RURAL/METRO CORP    RURL US        285.3       (98.6)       60.1
SALLY BEAUTY HOL    SBH US       1,670.4      (406.1)      371.1
SINCLAIR BROAD-A    SBGI US      1,485.9      (157.1)       36.4
SINCLAIR BROAD-A    SBTA GR      1,485.9      (157.1)       36.4
SMART TECHNOL-A     SMT US         559.1       (63.2)      201.9
SMART TECHNOL-A     SMA CN         559.1       (63.2)      201.9
SUN COMMUNITIES     SUI US       1,162.7      (132.4)        -
SWIFT TRANSPORTA    SWFT US      2,577.9       (83.2)      237.4
TAUBMAN CENTERS     TCO US       2,546.9      (527.9)        -
TEAM HEALTH HOLD    TMH US         807.7       (51.4)       17.9
THERAVANCE          THRX US        331.2       (22.4)      276.3
UNISYS CORP         UIS US       3,020.9      (933.8)      538.7
UNITED RENTALS      URI US       3,693.0       (20.0)      156.0
VECTOR GROUP LTD    VGR US         949.6       (46.2)      299.9
VENOCO INC          VQ US          750.9       (84.2)      (11.6)
VERISK ANALYTI-A    VRSK US      1,217.1      (114.4)     (480.4)
VERSO PAPER CORP    VRS US       1,516.1        (6.8)      162.4
VIRGIN MOBILE-A     VM US          307.4      (244.2)     (138.3)
VONAGE HOLDINGS     VG US          260.4      (129.6)      (67.7)
WARNER MUSIC GRO    WMG US       3,604.0      (228.0)     (602.0)
WEIGHT WATCHERS     WTW US       1,092.0      (686.7)     (348.7)
WESTMORELAND COA    WLB US         750.3      (162.4)      (35.8)
WORLD COLOR PRES    WC CN        2,641.5    (1,735.9)      479.2
WORLD COLOR PRES    WCPSF US     2,641.5    (1,735.9)      479.2
WORLD COLOR PRES    WC/U CN      2,641.5    (1,735.9)      479.2
WR GRACE & CO       GRA US       4,271.7       (68.8)    1,371.3


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise
Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G.
Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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